SOURCE: PHI Capital Holdings, Inc.

October 26, 2012 01:00 ET

HP.ITA Corporation Engages Auditors to Perform Financial Audits to Go Public in the U.S. Stock Market

LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - Oct 26, 2012) - HP.ITA Corporation (fka Provimex, Inc.), a Nevada corporation founded in 2004, announced today that the Company has engaged PLS CPA, an independent San Diego-based PCAOB-registered auditing firm, to perform the audit of the Company's financial statements and those of HP.ITA Joint Stock Company, a Vietnamese company, in order go public in the U.S. stock market.

The auditing staff of PLS CPA will be arriving in Ha Noi, Vietnam on October 26, 2012 to begin the fieldwork and perform the financial audit of HP.ITA JSC. The company will incorporate the combined audited financial statements of both HP.ITA Corporation and HP.ITA JSC to file a registration statement with the SEC and become a fully reporting publicly traded company in the U.S.

Richard Phan, Chairman and CEO of Phanet Holding Corp., the former parent of HP.ITA JSC, commented: "We look forward to completing the audited financial statements and filing the registration statement. As a public company, we will be able to create additional value and enhance liquidity for our shareholders as well as make it easier for more investors to participate in our growth."

About HP.ITA Corporation

HP.ITA Corporation will serve as a holding company for real estate investments in Vietnam, including the Bao An Tower Project and the Xuan Phuong Nursing Center and Villa Project currently developed by HP.ITA JSC in Ha Noi, Vietnam. Website: www.hpitacorp.com

About Phanet Holding Corp. and HP.ITA JSC

Phanet Holding Corp. is one of the first Vietnamese global angel and capital investor groups. HP.ITA JSC, a former wholly owned subsidiary of Phanet Holding Corp., is a Vietnamese company engaged in real estate development. Website: http://www.phanetholdingcorp.com

About PHI Capital Holdings

PHI Capital Holdings, Inc., a subsidiary of PHI Group, Inc. (PINKSHEETS: PHIL), is engaged in M&A advisory and consulting services.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected, on the basis of such forward-looking statements.

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