SOURCE: Philand Ranch Ltd.

March 31, 2010 12:43 ET

PHILand Ranch Provides Update on Initial Closing of $100 Million Funding Commitment

FRANKFURT, GERMANY and LOS ANGELES, CA--(Marketwire - March 31, 2010) -  PHILand Ranch Ltd. (Frankfurt: 1P8) (XETRA: 1P8) (WKN A0RPEA), a company engaged in the development of master planned communities and other real estate developments in Vietnam and Southeast Asia, announced today that EMHI Land Corporation and the Company have signed an amended business cooperation agreement to extend the closing of the first tranche of the $100 funding commitment to April 30, 2010.

The Company has prepared and submitted all the required funding documents and expects to close the first tranche of approximately $7.5 million in the next few weeks. In the meantime, PHILand Ranch is working closely with Thien Nam Investment and Construction Corporation and other service providers in Vietnam to prepare for the imminent construction at Poine91, a luxury resort and premium residential community in Quang Nam province, central Vietnam.

PHILand Ranch Ltd is a majority-owned subsidiary of PHIGroup, Inc. (OTCBB: PHIE) (Frankfurt: PR7) (WKN A0RNQV) whose business scope includes the development and management of real estate properties, mining interests and consulting, merger and acquisition advisory services.

EHMI Land's secured funding commitments from its current banking partners in Asia will enable PHILand Ranch and EMHI to jointly develop various projects and provide financing for major real estate development programs like PHILand Ranch. The Ranch's first phase construction is expected to begin shortly at Pointe91. This 118-acre first phase introduces a hot new five-star resort area, executive housing, mid-range cabana residences, a marina and unfettered access to hiking and walking trails, beaches and the South China Seas. It also includes an economic free zone, industrial parks, educational and conference facilities. The development is expected to bring thousands of new jobs, new industry and commercial ventures, much needed housing, as well as providing economic opportunities to the area for decades to come.

Daniel St. John, Project Director of PHILand Ranch Limited, said, "We are pleased with the progress made in planning the day to day operational scope to our mutual agreement and we look forward to closing our first tranche of the project funding.''

Allen Wu, CEO of EHMI Land, reiterated, "PHILand will play an important role in developing and building new communities where people desire to live, work and play. We look forward to working together and being a part of Vietnam's successful future."

About PHILand Ranch Ltd.

PHILand Ranch Limited, a United Kingdom corporation, is engaged in the development of real estate, hospitality and master-planned community properties in Vietnam and the growing economies of Southeast Asia. The company is currently developing the first phase of a multi-billion dollar project at Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary PHILand Vietnam Ltd. PHILand Ranch's stock is traded on the Frankfurt Stock Exchange: 1P8.F and Xetra: 1P8.DE, WKN A0RPEA. Website: www.PHILandranch.com.

About PHIGroup, Inc.

PHIGroup (PHIE) develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing PHILand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam (www.PHILandranch.com). PHIGroup is also engaged in mining activities in Southeast Asia and Haiti (PHIMining Group, Inc.) (www.phimining.com). Website: www.phiglobal.com.

About EHMI Land Corporation

EMHI Land Corporation is a US holding company with four focused areas via operating entities, including Real Estate, Hospitality/Retail/Services, Resources/Mining, and Infrastructure. EMHI Land is exclusive master licensee for MGM branded location based entertainment projects within Vietnam and is planning multiple locations throughout Vietnam with a long-term view. For further information, visit www.emhiland.com.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

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