SOURCE: Phoenix Associates Land Syndicate

November 01, 2007 09:30 ET

Phoenix Reports Results for First Nine Months of 2007

Nine-Month Revenues Were $117 Million With Pretax Income of $5.7 Million; Management Is Focused on Growth Opportunities, Managing Current Operations, and Re-Structuring at All Levels to Provide Maximum Shareholder Value

MADISONVILLE, LA--(Marketwire - November 1, 2007) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced its financial results for the first nine months of 2007. The Company reported consolidated (unaudited) revenues for the nine months ended September 30, 2007 of $117,449,444, with pretax income of $5,727,287.

Paul Alonzo, President and CEO of Phoenix, commented, "Phoenix consolidated operating results for the first nine months of 2007 remained solid despite several major hurdles and obstacles that we had to overcome. We are aggressively moving forward in order to put these events behind us and we look forward to completing 2007 on solid ground."

Mr. Alonzo added, "Phoenix is devoting the necessary time, talent and resources to make 2008 a successful year. In just a couple of years, Phoenix has grown from revenues of several hundred thousand dollars to the multi-million dollar entity it is today. Our management team will continue to focus on solid growth opportunities, managing current operations in an efficient manner and re-structuring all levels of operations so as to provide maximum shareholder value."

Phoenix will be providing these operating results to Pink Sheets on a timely basis in keeping with its intention to keep shareholders informed of our progress.

Phoenix Associates Land Syndicate, Inc.
Consolidated Balance Sheet - (Unaudited)
    September 30, 2007 and December 31, 2006

                                                  at 9/30/07   at 12/31/06
                                                  -----------  -----------
ASSETS
Current Assets
  Cash and Cash Equivalents                           433,017    9,202,005
  Accounts receivable - net                         2,017,063    4,496,621
  Inventories                                      11,973,017   13,041,050
                                                  -----------  -----------
    Total Current Assets                           14,423,097   26,739,676

Other Assets
  Investment                                       22,150,000   18,250,088
  Prepaid Expenses                                    397,742      282,047
  Goodwill                                         14,817,050   13,232,540
  Oil Reserves                                              0            0
  Land Leases                                       1,402,840    1,402,840
                                                  -----------  -----------
    Total Other Assets                             38,767,632   33,167,515

Fixed Assets
  Buildings                                           728,000      728,000
  Land                                                225,000      225,000
  Real Estate Holdings                             11,002,642   11,002,642
  Building Improvements                               538,615      412,268
  Machinery & Equipment                             9,947,212    9,397,825
  Furniture & Fixtures                                230,088      177,065
  Leasehold Improvements                           18,549,000   18,549,000
  Mineral Reserves                                 47,550,000   47,550,000
  Vehicles                                            324,086      275,531
  Less: Accum Depletion                           (19,240,590) (16,015,635)
  Less: Accum Depreciation                         (8,151,896)  (6,780,821)
                                                  -----------  -----------
    Total Fixed Assets - Net                       61,702,157   65,520,875

TOTAL ASSETS                                      114,892,886  125,428,066
                                                  ===========  ===========

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities                                10,474,989   28,543,162

Long Term Liabilities                              14,180,729    4,107,000

Shareholders' Equity
  Stock & Paid in Capital                          75,824,191   84,113,032
  Unrealized Market Gain / (Loss)                       6,377      (14,441)
  Retained Earnings                                 8,679,313         (158)
  Income / (Loss)                                   5,727,287    8,679,471
                                                  -----------  -----------
                                                   90,237,168   92,777,904

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY          114,892,886  125,428,066
                                                  ===========  ===========



Notes: 1) Current Liabilities contain a reserve of $3,000,000 for potential
          liabilities which may or may not result from the planned sale of
          ProGas.

       2) Long Term Liabilities contain a reserve of $2,000,000 for
          potential liabilities which may or may not result from the
          planned sale of ProGas.

       3) The above data is compiled internally by management.



Phoenix Associates Land Syndicate, Inc.
Consolidated Statement of Operations (Unaudited)

                                                         Nine Months Ended
                                                         September 30, 2007
                                                         ------------------

Revenues                                                        117,449,444

Costs of Goods Sold                                              98,357,136
                                                         ------------------

Gross Profit                                                     19,092,308

Operating Expenses                                                8,808,676

Operating Profit . (Loss) before                                 10,283,632
 Depr, Amort, Depl, Interest & Tax

Depr, Amort, Depl, Interest & Tax                                 4,596,064

Other Income / (Expenses)                                            39,719

Income / (Loss) -- PreTax                                         5,727,287
                                                         ==================

Notes: 1) 3rd quarter results contain no revenues from the ProGas
          subsidiary.
       2) The above data was prepared internally by management.

About Phoenix Associates Land Syndicate

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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