PHI Group Announces With Great Sadness the Death of Board Member Larry Olson

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM--(Marketwire - Apr 25, 2012) - PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today with profound sadness the death of Lawrence G. Olson, a member of the company's board of directors. Mr. Olson died Sunday at age 74.

Mr. Olson, who had been a director of PHI Group since January 2008, was the founder and owner of Olson Precast of Arizona, Inc. and had held the position of Chairman of Santa Fe Gold Corporation's Board of Directors since October 2000. He was a well-known entrepreneur in the Phoenix area, Arizona and supported numerous start-up businesses. He was dedicated to helping others less fortunate and contributed significantly to church-sponsored organizations worldwide. He held a B.S. Degree in Civil Engineering from the University of Southern California.

Henry Fahman, CEO of PHI Group, said, "Larry's death is a tragedy for his family and a great loss to our company. I highly valued his wisdom, insight and counsel on company matters as well as his friendship. We extend our deepest sympathies to Larry's family."

About PHI Group
PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL) 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:

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Henry Fahman