SOURCE: PHIGroup, Inc.

October 22, 2010 16:15 ET

Innovative NeuroTechnologies Terminates Plan to Go Public

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - October 22, 2010) -  PHIGroup, Inc. (OTCBB: PHIE) (FRANKFURT: PR7) (XETRA: PR7) (WKN A0RNQV),, an M & A company with diversified holdings in real estate development, energy, natural resources and special situations, announced today that both the Company and its client Innovative NeuroTechnologies, Inc. (INT) have mutually agreed to terminate the previously announced consulting agreement to list INT's shares on a leading European stock market and arrange funding for INT's further development and growth.

Innovative NeuroTechnologies is a biotechnology company based in Irvine, CA engaged in the early-stage clinical development of novel therapeutic strategies for major human central nervous system disorders, particularly in the area of neurodegeneration.

According to the termination agreement, PHIGroup will release INT from all obligations pertaining to any compensation for the services rendered as previously announced in December 2009.

Shawn Mojtahedian, Ph.D., Founder, Director and Chief Scientific Officer of Innovative NeuroTechnologies, commented, "We strongly feel that INT should explore different funding options because further delay in accessing the European capital markets could hinder our future success. We appreciate PHIGroup's intention to help us in the past and we should prudently consider our next step for the benefit of our shareholders."

About PHIGroup, Inc.
PHIGroup (OTCBB: PHIE) provides M&A advisory and consulting services, develops real estate and natural resources 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 ( PHIGroup is also engaged in mining activities through its majority-owned subsidiary PHI Mining Group, Inc. ( Website:

About Innovative NeuroTechnologies, Inc. (INT)
INT is primarily an early-stage clinical development biotechnology company that seeks novel therapeutic solutions (i.e., biopharmaceuticals, stem cells) for major human central nervous system disorders, particularly in the area of neurodegeneration. The company presently focuses its main efforts on Alzheimer's disease with interest in therapeutic solutions for Parkinson's disease, amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), Huntington's disease, front temporal lobar dementias (FTLDs or Pick's disease), stroke and multiple sclerosis. These are typically fatal neurodegenerative disorders that are currently untreatable and share many characteristics, which make them particularly amenable to INT's expertise and employed technologies.

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties. Such forward-looking statements are 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. Actual results may differ materially from those projected, on the basis of such forward-looking statements.

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