SOURCE: PHI GROUP, INC.

PHI Group, Inc.

June 29, 2011 09:15 ET

PHI Group Subsidiary Completes Merger With Humex Medical for Stem Cell Research and Therapy

LOS ANGELES, CA--(Marketwire - Jun 29, 2011) - PHI Group, Inc. (OTCQB: PHIE) (PINKSHEETS: PHIE) (FRANKFURT: PR7), a company focused on M&A consulting services, real estate development, natural resources, energy and special situations, announced today that its subsidiary Provimex, Inc. has completed its merger with Humex Medical Group, Inc., a California corporation, to engage in stem cell research and therapies in Southeast Asia.

According to the corporate combination agreement between Humex and Provimex, Humex exchanged all its issued and outstanding shares for 58,333,333 shares of newly issued common stock of Provimex, Inc., equivalent to 70% ownership in Provimex. PHI Group and its shareholders retain 30% in the combined company.

Both Humex and Provimex are nearing the completion of their financial audits and will file a registration statement with the Securities and Exchange Commission to become a new fully reporting publicly traded company. The combined company has decided to change its corporate name to HEET Biocell Group instead of the previously proposed name.

Eric Jeong, President of Humex Medical Group, said, "We are pleased to have completed the business combination between Provimex and Humex Medical and anticipate launching our stem cell research, banking and treatment activities in Southeast Asia soon."

Henry Fahman, Chairman of PHI Group, said, "Along with Provimex, we also are in the process of combining our other subsidiaries, including Touchlink Communications, E-check Recovery and Irvine College of Medical Sciences, with businesses that have potential for high growth to create additional value for our shareholders."

About Humex - HEET Biocell Group
An affiliate of RNL Bio (http://www.rnl.co.kr/eng/main.asp), a leading Korean biotech company focused on stem cell research and therapies, Humex Medical Group has been engaged in cosmetic surgeries, anti-aging and regenerative treatments. HEET Biocell Group will focus on stem cell research, stem cell therapeutics, stem cell base cosmetics and adult stem cell banking services.

About PHI Group
PHIGroup engages in M&A consulting services, real estate, natural resources, energy, and special situations. PHIGroup takes companies public in the U.S. and Europe and provides access to international capital sources through its subsidiaries PHI Capital Holdings and PHI Vietnam Holdings (www.phiholdings.com), develops real estate projects in Vietnam through PHILand Ranch (www.philandranch.com); (FRANKFURT: 1P8), and engages in natural resources and energy through PHI Gold Corporation (PINKSHEETS: PHIG), Tricon Gold Corp, PHI Energy Corp (www.phienergycorp.com) and PHI Oil and Gas Ltd. Main corporate website: www.phiglobal.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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