PRNewswire-FirstCall/ Energy Holdings International, Inc. (OTC:EGYH) (BULLETIN BOARD: EGYH) , a Nevada corporation, filed its first 10K for the year ended June 30, 2009. It has also begun the ground work that it believes will allow the company to move to the NASDAQ, the American Stock Exchange or the New York Stock Exchange.
Energy Holdings International, Inc. management includes both American and Middle East executives, including substantial investors from Saudi Arabia. These include His Highness Prince Badr Bin Abdullah M.N.S AlFarhan Al Saud, Khalid S. A. Al-Sunaid, Fahad Bunuhayah, with Rafic Koussa in charge of EHII's Dubai office. Each of these individuals is also a member of EHII's Board of Directors.
As part of EHII's business strategy, it has entered into two Memoranda of Understanding. The first MOU is to acquire Advance Energy, a Dubai, U.A.E. Company whose focus is power development in the Middle East region. Assuming that all conditions have been met, EHII anticipates that the acquisition will close before the first quarter of the calendar year. The second MOU signed is with a Saudi Arabian Company to utilize state of the art expertise for waste management for a major Middle East city. EHII has engaged KPMG to conduct the feasibility study. The intent of the project is to turn waste into electrical power to be sold locally into the local grid.
EHII is also in the process of finalizing a private offering to raise between $50 million and $250 million to acquire cash producing oil and gas properties within the United States and to develop the electrical power projects EHII has a dialog with in the Middle East.
John Adair, EHII's Chief Executive Officer stated, "We are very pleased with the progress we have made in implementing our business strategy. We are particularly pleased with EHII's management team and the expertise each person is bringing to the Company."
EHII currently has offices in the United States and Dubai, U.A.E. Recently, EHII signed a lease to open its Houston, Texas office with its oil and gas office to be located in Tulsa, Oklahoma.