GlobeNewswire Inc | Aug 20, 2021 04:18PM EDT

August 20, 2021

New York, Aug. 20, 2021 (GLOBE NEWSWIRE) -- PHI Group, Inc. (www.phiglobal.com,PHIL), 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 its Chairman and CEO Henry Fahman has substantially increased his stock ownership in the Company.

On August 19, 2021 Henry Fahman converted $500,000 of the loan that he made to PHI Group on 02/07/2020 into 103,279,112 shares of restricted Common Stock of PHI Group, Inc. to increase his direct ownership in the Company. A Form 4 will be filed with the Securities and Exchange Commission to report the transaction.

Mr. Fahman stated, "My commitment to PHI Group and to PHIL shareholders has never been stronger, and my belief in future success for the company has never been brighter. 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 the disruptive initiatives which we believe will bring tremendous benefits to our shareholders as well as all other stakeholders around the world. I look forward to the coming weeks, months and years, with great enthusiasm and determination to create the best results ever for our company, and to maximize our shareholder value."

About PHI Group, Inc.

PHI Group (www.phiglobal.com,PHIL) primarily focuses on advancing PHILUX Global Funds, a group of Luxembourg bank funds organized as Reserved Alternative Investment Fund (RAIF) (www.philux.eu), 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.

Safe Harbor Act and Forward-looking Statements

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.

Contact:

PHI Group, Inc.+1-714-793-9227info@phiglobal.com