PHI Group Provides Corporate Updates

LOS ANGELES, CA and JAKARTA, INDONESIA--(Marketwire - Mar 27, 2013) - PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, today provided updates on a number of corporate issues for the company's shareholders and investors. The company also announced a conference call for shareholders and investors on April 2.

PHI Group has signed an agreement to acquire 95% of PT Harjo Mas Makmur (HMM), an Indonesian coal mining company with 10,000,000 MT of indicated coal resources in East Kalimantan, Indonesia. The company will conduct additional technical, legal and financial due diligence prior to the closing of this transaction. This mine is already in production and can be expanded to 50,000 MT per month.

In another development, the company has amended the purchase agreement with PT Tambang Sekarsa Adadaya (TSA) to extend the closing date of this acquisition until June 30, 2013 to allow adequate time for the technical, legal, and financial due diligence of TSA.

In addition, the company has signed an agreement with Vietnam-based CKD Northern Minerals Joint Stock Company to co-develop a 378-km² copper concession in Muong Hun District, Oudomxay Province, Lao People's Democratic Republic.

The company has engaged a New York-based investment banking firm and has been working with institutional investors in Europe and Asia to provide the required capital to finance the acquisition, capital expenditures and working capital of TSA and HMM as well as PHI Group's on-going program to acquire and build a growing portfolio of energy and natural resource assets.

The company continues to update its outstanding filings with the Securities and Exchange Commission in order to resume its fully reporting status. 

In another development regarding the proposed dividend, the company's Board of Directors has extended the payment date until September 30, 2013 to allow enough time for the filing of a registration statement with the Securities and Exchange Commission and for the registration statement to become effective in order to deliver free-trading dividend shares to eligible shareholders.

PHI Group CEO Henry Fahman will host a conference call for shareholders and investors at 04:30 P.M. EDT on Tuesday, April 2, 2013. To participate in the conference call, dial +1-209-647-1000 and enter Conference ID 767368#.

About PHI Group
Following a double-tracked energy strategy, PHI Group accumulates energy-related assets and other natural resources, cooperates with international partners to develop power plants, and provides advanced renewable energy technologies in conjunction with select industry partners. In addition, the company is also engaged in trading activity involving coal, oil, precious metals and other industrial commodities. Website: www.phigroupinc.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 pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.