PHIG PHI Group Inc (CE)

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 majority owned subsidiary Provimex, Inc. has acquired 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 will exchange all its issued and outstanding shares for a 70% ownership in Provimex whereas PHI Group and its shareholders will retain 30% in the combined company.

Both Humex and Provimex are in the process of completing 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 will change its name to EHE Biocell Group.

Eric Jeong, President of Humex Medical Group, stated: "Working with PHI Group to take Humex Medical public is a major milestone to help us launch our stem cell research, banking and treatment activities in Southeast Asia. We believe this will create substantial economic benefits for everyone involved."

Henry Fahman, Chairman of PHI Group, said, "Besides providing stem cell research and treatments, this will serve as a platform to advance general medical service and related businesses in pharmaceuticals, distribution and equipment, which we believe will set the stage for sustainable growth." Fahman added: "In the meantime, we also are reorganizing our other subsidiaries including Touchlink Communications, E-check Recovery and Irvine College of Medical Sciences as separate public companies to create additional value for our shareholders."

About Humex - EHE 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. EHE 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.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contact: Timmy Phan 714-843-5460 Email Contact