SOURCE: Phoenix Associates Land Syndicate

September 21, 2006 05:45 ET

Phoenix's Best Jets Engines Awarded Contract to Service and Support J85 Turbo Jet Engines

Best Jets Engines Awarded Contracted by Aviall, Inc., a Sub of Boeing Commercial Aviation Services, to Store, Service, Repair and/or Re-Manufacture 133 GE J85 Turbo Jet Engines

NEW ORLEANS, LA -- (MARKET WIRE) -- September 21, 2006 -- Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced that Best Jets Engines, Inc., a wholly owned subsidiary, has been awarded a significant contract by Aviall, Inc. regarding the servicing and refurbishment of one hundred thirty three (133) GE J85 turbo jet engines.

Aviall, Inc., which describes itself as "the world's largest independent provider of new aerospace parts and related aftermarket services," was recently acquired by The Boeing Company for $1.7 billion, and is now a subsidiary of Seattle-based Boeing Commercial Aviation Services.

Best Jets Engines, which already has a Teaming Agreement in place with GE's Aircraft Engine Division, sees this latest contract as confirmation by such major aviation industry companies as Aviall, Boeing, and GE of its expertise and capability to play an important role in their aircraft engine parts and maintenance support operations.

The first stage of the Aviall contract begins this week with the arrival at the Best Jets facility in Denison, Texas of 133 GE J85 turbo jet engines, along with afterburners and other related items for use on the engines. The J85 turbo jet engine powers the T-38 military jet trainer as well as several other models of aircraft operated by the US military and scores of foreign governments. Best Jets' work scope on the 133 engines begins with disassembly, followed by cleaning, inspection, categorizing, repairing, tagging and drop shipping parts directly to Aviall's customers. Some engines will be overhauled or repaired, tested at Best Jets' Test Cell and returned to service. According to George Ottendorf, Engine Program Manager for Best Jets, Inc., the anticipated revenue will be millions of dollars per year over the life of this one contract.

Phoenix Associates, owner of the Best Jets Group of Companies, believes that this is one of many such contracts soon to come to Best Jets Engines, Inc. In anticipation of these contracts, Phoenix has moved forward with installation of a new state-of-the-art Engine Test Cell that has been delivered and is being installed at the Best Jets Engines site. This Test Cell has a value of approximately $3 million.

This Test Cell will allow Best Jets to test run the rebuilt engines and put them through a series of tests prior to shipment to the end user for installation on an aircraft.

Phoenix believes that annual revenues from its Best Jets Engines business unit will exceed $10 million for the year 2007, and will grow significantly each year thereafter for the next five years.

There are approximately 10,000 engines worldwide of the type being remanufactured by Best Jets. The average cost to rebuild a J85 turbo jet engine is $200,000 to $400,000 each, depending on the scope of the work required to bring the engine back to original manufacturer specifications.

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

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