SOURCE: Phoenix International Ventures

Phoenix International Ventures

April 21, 2009 16:11 ET

Phoenix Aerospace Inc. Receives Confirmation of $2.4M in Funding to Provide Ground Support Remanufacturing Solutions to the US Department of Defense

Backlog Reaches $7.4M

CARSON CITY, NV--(Marketwire - April 21, 2009) - Phoenix International Ventures, Inc. (OTCBB: PIVN) announced today that its wholly owned subsidiary, Phoenix Aerospace Inc., has received confirmation of funding in the amount of $2.4M from the U.S. Department of Defense to remanufacture various support equipment.

Commenting on the development, Phoenix International Ventures, Inc.'s CEO, Mr. Zahir Teja, said, "This confirmation demonstrates the increasing acceptance of our remanufacturing processes as a viable and cost-saving solution. Our Backlog has reached $7.4M and we hope to continue and build a strong backlog that will ensure our healthy growth in the huge Aerospace market."

Mr. Teja added, "This order follows the recently received US Air Force $2.4 Million purchase order ($5.3M including an option for additional equipment) for the design and manufacturing of new generation Aircraft Engine Trailers and positions us as a significant supplier in the solid ground support equipment market."

About Phoenix International Ventures, Inc.

Phoenix International Ventures, Inc. of Carson City, Nevada, was established in order to acquire and develop business in the defense and aerospace market. In January 2007, the company acquired 100% of Phoenix Aerospace Inc., which specializes in manufacturing, remanufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government and/or customer contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans; product development and performance; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

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