Humex Medical Signs Agreement to Establish Stem Cell centre in Vietnam

News - 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 centre 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 centre in HCM City, Vietnam. Humex will be entitled to 60 percent of the anticipated profits from the centre'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 centre 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.