SOURCE: Phoenix Associates Land Syndicate

January 17, 2008 17:05 ET

Phoenix Associates Announces Capital Restructuring

MADISONVILLE, LA--(Marketwire - January 17, 2008) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced today that its Board of Directors has approved the restructuring of its equity capital. This board resolution was unanimously passed as a part of Phoenix's continuing effort to enhance shareholder value through corporate redeployment of assets.

Phoenix filed with the State of Nevada on January 15th, 2008 to cancel (unauthorize) all 361,000,000 shares of its unissued preferred stock, which includes: 122,750,000 shares of unissued Series I non-voting convertible preferred stock; 186,250,000 shares of unissued Series II voting preferred stock; and 52,000,000 shares of unissued Series III convertible voting preferred stock. This is a capital restructuring where the cancellation of the preferred stock share values are placed back into the treasury of the company and its authorized shares of common stock is increased by this same 361,000,000 shares to a new total of 2.861 billion authorized common stock shares.

Phoenix, by Certificate of Amendment filing, on June 15th, 2006, had authorized: 125,000,000 shares of Series I non-voting convertible preferred with a par value of $10 per share and an annual accumulative dividend of 6%; 187,500,000 shares of Series II voting preferred with a par value of $10 per share and accumulative annual dividend of 6%; and 62,500,000 shares of Series III voting preferred shares with a par value of $10 per share and an accumulative 6% dividend.

Of the Series I preferred, 2,250,000 were issued. Of the Series II preferred, 1,250,000 shares were issued to satisfy the elective common stock conversion offers by Phoenix during the course of 2006 and 2007; and of the Series III preferred, 10,500,000 shares have been issued to the principles to protect loans and services rendered to the corporation.

Due to this Capital Restructuring there will be no unissued authorized superior class of stock to the common stock, thereby returning the value to the common stock.

About Phoenix Associates

Phoenix Associates Land Syndicate is a holding company with assets 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 go to:

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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