SOURCE: PHI GROUP, INC.

November 11, 2010 02:30 ET

PHI Group Partners With Global Petroleum Bank of Vietnam

FRANKFURT, GERMANY and LOS ANGELES, CA--(Marketwire - November 11, 2010) - Philand Ranch Ltd. (WKN: A0RPEA) (FRANKFURT: 1P8) (XETRA: 1P8), a company engaged in the development of master-planned communities, residential and commercial properties, and hospitality and healthcare services in Vietnam and Southeast Asia, announced today that its parent, PHI Group, Inc. (OTCBB: PHIE) (FRANKFURT: PR7) (XETRA: PR7), has signed an agreement to cooperate with Global Petroleum Joint Stock Bank of Vietnam in a range of business activities, including international banking, asset management, mergers and acquisitions, mining, real estate development, hospitality and other mutually-beneficial opportunities.

Both companies have agreed to cooperate in activities in which they both are currently engaged.

GP Bank is a conglomerate with operations in commercial banking, investment banking, asset management, real estate development, mining, hospitality and reforestation. Both GP Bank and PHI Group intend to initially focus on high priority areas such as banking fund, real estate development, and mining that can create immediate synergies and add significant value for shareholders of both companies and their subsidiaries.

Henry Fahman, Chairman and CEO of PHI Group, Inc., said, "We are delighted to partner with GP Bank and believe by working together we will be able to capture some excellent opportunities and accelerate the execution plan for a number of our key initiatives, especially in real estate development, mining and asset management, as mentioned earlier."

An Van Doan, Vice Chairman of GP Bank, said, "Our cooperation with PHI Group and its subsidiaries opens new channels to access international capital markets, major institutional investors and operational expertise in creating synergies otherwise not available to both companies. We are confident that through our banking capabilities and various relationships in the region we will help Philand Ranch fast-track its real estate development activities in Vietnam and Southeast Asia." 

About GP Bank
Global Petroleum Joint Stock Corporation is a Vietnam-based banking conglomerate with operations in commercial banking, asset management, securities brokerage, real estate development, mining, and reforestation. Website: www.gpbank.com.vn.

About PHILand Ranch Ltd.
Philand Ranch Limited, a United Kingdom corporation, is engaged in the development of master-planned communities, residential and commercial properties, hospitality and healthcare services in Vietnam and the growing economies of Southeast Asia. The company is currently developing Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary PHILand Vietnam Ltd. The Company has also entered into agreements with local Vietnamese partners to co-develop other commercial, residential, industrial and hospitality projects. PHILand Ranch's stock is traded on the Frankfurt Stock Exchange: 1P8.F, WKN A0RPEA. Website: www.PHILandranch.com.

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 (www.PHILandranch.com). PHIGroup is also engaged in mining activities through its majority-owned subsidiary PHI Mining Group, Inc. (www.phimining.com). Website: www.phiglobal.com.

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