LOS ANGELES and HOCHIMINH CITY, Vietnam, Feb. 14, 2012 /PRNewswire/ -- PHI Group, Inc., (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK) a company engaged in energy and natural resources, real estate development, and merger and acquisition consulting services, announced today that its majority-owned subsidiary PHI Asia Holdings, Inc. has signed an agreement to take HP.ITA Joint Stock Company public in the U.S and to arrange funding for its various real estate projects in Vietnam.  HP.ITA JSC, a Vietnamese company, is a wholly owned subsidiary of Phanet Holding Corp., a Nevada corporation, U.S.A.

According to the agreement, PHI Group will assist Phanet Holding Corp to list its Vietnam-based subsidiary HP.ITA JSC in the U.S stock market by a business combination with a U.S corporation and filing the necessary paperwork with the Securities and Exchange Commission to become a fully reporting publicly traded company.  PHI Group will also assist HP.ITA to raise additional capital through international institutional and individual investors for its various real estate projects in Vietnam.

To date, HP.ITA has invested VND 1.866 Billion (approximately US$ 89.7 Million) in various real estate development projects in Vietnam, including three residential towers with 17, 38 and 40 stories and a commercial center in Ha Noi, Vietnam.  Phanet Holding has also successfully arranged $50 million and is ready invest this amount towards the additional $200 million budget required to complete these projects.

As part of the compensation for the services rendered to Phanet, PHI Group and PHI Asia Holdings will retain approximately 5% equity ownership in the combined public company.

Tai Vo, Chief Executive Officer of PHI Asia Holdings, commented: "We are delighted to help Phanet's subsidiary HP.ITA create a public platform to access international capital sources not only to complete these current development projects but also position the company for future expansion."

Richard Phan, Chairman and CEO of Phanet Holding Corp., concurred: " We look forward to turning HP.ITA into a U.S. public company to create additional value for our shareholders and make it easier for investors to participate in our growth."

About PHI Group

PHI Group, Inc. focuses on energy and natural resources in Southeast Asia and holds majority interests in subsidiaries engaged in real estate development and M&A consulting services. Website: www.phiglobal.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 Joint Stock Company, a wholly owned subsidiary of Phanet Holding Corp., is a Vietnamese company engaged in real estate development. The Company has invested over VND 1.8 Billion (approximately US$ 89.7 million) in five real estate projects in Vietnam, including three apartment towers with 17, 38 and 40 stories and a commercial center in Ha Noi, Vietnam. Website:  http://www.phanetholdingcorp.com

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.

Contact
Tai Vo
Tel: +84 8 3844 6181
Email: taiv@phiholdings.com

SOURCE PHI Group, Inc.

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http://www.phanetholdingcorp.com
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