Humex Medical Signs Agreement to Establish Stem Cell Center in Vietnam

LOS ANGELES, CA--(Marketwire - Feb 2, 2012) - PHI Group, Inc. (OTCQB: PHIE) (PINKSHEETS: PHIE) announced today that Humex Medical Group, Inc. has signed an agreement with Tri Phuoc Co., Ltd, a Vietnamese company, to establish a stem cell center in Vietnam.

According to the agreement, Tri Phuoc will provide the required investment capital and Humex will supply the stem cell technologies to set up and operate a stem cell research and cosmetic surgery center in Ho Chi Minh City, Vietnam. Humex will be entitled to 60% of the anticipated profits from the center's operations.

Provimex, Inc., previously a majority-owned subsidiary of PHI Group, which has merged with Humex Medical Group, will complete its financial audits in conjunction with Humex's and file a registration statement with the Securities and Exchange Commission to become a fully reporting public company focused on stem cell research and therapies. PHI Group and its shareholders currently retain a minority interest in the combined company.

Eric Jeong, President of Humex, said, "We are pleased to partner with Tri Phuoc to establish the first stem cell research center of its kind in Vietnam to provide treatment for various diseases using advanced stem cell technologies."

About Humex Medical and Provimex

A wholly-owned subsidiary of Provimex, Inc., Humex Medical Group has been engaged in cosmetic surgeries, anti-aging and regenerative treatments. Provimex plans to go public by filing a registration statement with the SEC and will focus on stem cell research, stem cell therapeutics, stem cell-based cosmetics and adult stem cell banking services.

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. In addition, it also holds minority interests in other companies such as Provimex. Website: www.phiglobal.com.

Safe Harbor: This news release and the featured interview contain 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.