PHI Group’s Management Increases Stock Ownership in PHIL

New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. (, ), a company currently focused on implementing PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”), and developing the Asia Diamond Exchange (“ADE”) in Vietnam, is pleased to announce that management has substantially increased their stock ownership in the Company.

On August 25, 2021 Henry Fahman, Chief Executive Officer of the Company, converted $550,000 of accrued and unpaid salaries from 9/30/2004 to 3/31/2009 into 114,672,922 shares of restricted Common Stock of the Company pursuant to the corporate resolutions of the Board of Directors of PHI Group, Inc. dated March 12, 2012, November 02, 2012 and March 12, 2021. Similarly, on August 25, 2021, Tina Phan, Corporate Secretary and Treasurer of PHIL, converted $217,500 of accrued and unpaid salaries from 9/30/2004 to 3/31/2009 into 45,347,928 shares of restricted Common Stock of the Company.

Form 4’s regarding these acquisitions of shares by the Company’s management are filed with the Securities and Exchange Commission on August 26, 2021:

Mr. Fahman stated, "Our commitment to PHI Group and to PHIL shareholders has never been stronger; we strongly believe in future success for our company and stand firm by our long-term shareholders. After years of laying the groundwork, PHI Group is ready to capitalize on those efforts with many exciting and cutting-edge ventures, including the Luxembourg bank funds, the first-ever Asia Diamond Exchange, and other initiatives which will potentially bring significant benefits to our shareholders as well as all other stakeholders around the world."

About PHI Group, Inc.

PHI Group (, ) primarily focuses on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as “Reserved Alternative Investment Fund” (“RAIF”) (), and building the Asia Diamond Exchange (“ADE”) in Vietnam. The Company also engages in mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value.

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This news release contains “forward-looking statements” pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected,” which are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors.

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