SOURCE: Phoenix Associates Land Syndicate

November 17, 2006 06:30 ET

/ CORRECTION - Phoenix Associates Land Syndicate

MADISONVILLE, LA -- (MARKET WIRE) -- November 17, 2006 -- In the news release, "Phoenix's Best Jets and Merex, Inc. in International Teaming Agreement," issued 10/30/06 by Phoenix Associates Land Syndicate (PINKSHEETS: PBLS), we have been advised by the company to replace the original release with this revision. Complete corrected text follows.

Phoenix's Best Jets and Merex, Inc. in International Teaming Agreement

Merex in Teaming Agreement With Best Jets Engines to Be Its J-85 Engine Repair and Support Shop; About Forty International Militaries Are Users of Northrop T-38 Trainers and/or Northrop F-5 Fighter Jets With J-85 Series Engines

MADISONVILLE, LA -- October 30, 2006 -- Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced a Teaming Agreement between Merex, Inc., of Camarillo, CA, and Best Jets Engines, Inc., a subsidiary of Phoenix, with Best Jets to provide a full range of repair, refurbishment and support services for J-85 turbo jet engines that are in active use by about forty international military clients of Merex.

Under this agreement, Best Jets is to perform J-85 turbo jet engine work that Merex's international military clients may require. Merex has been serving these international clients for more than twenty years.

By way of background, the Northrop F-5 series aircraft and the J-85 series engines are one of the most prolific trainers/fighters/engines ever manufactured in the United States. Today, 40 years after the first F-5 was manufactured, more than 1500 F-5/T-38 aircraft and over 5,000 J-85 engines are still operational in 40 countries. Upgrades to the airframes and engines are expected to keep the majority of these aircraft operational to the year 2020 and beyond.

About Merex, Inc.

Merex is a premier international logistics company providing support services to over 35 countries worldwide. Merex was established in 1982, is headquartered in Southern California and maintains marketing representations in South America, Europe, Middle/Far East, and Africa.

Merex's extensive experience and knowledge as a major exporter ensures prompt delivery of parts it contracts. The company works closely with the U.S. State Department (Munitions Control Reg. No. 0905-2630), the Commerce Department, and the Defense Security Assistance Agency to coordinate the needs of all its customers. Merex is approved by the DSSA to provide support services to countries utilizing FMS credit grants. http://www.merexinc.com/index.html

About Phoenix Associates Land Syndicate (PBLS)

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with thousands of stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries. For more information, visit www.pbls.biz

Forward-Looking Statements

This press release contains statements that are "forward-looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

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