SOURCE: Phoenix International Ventures

August 14, 2008 18:06 ET

Phoenix Aerospace Inc. Receives Letters of Intent for up to $25M for the Supply of Aircraft Parts During the Next Three Years

The Customer Is a Major European Aerospace Company

End Users Are Different Air Forces

CARSON CITY, NV--(Marketwire - August 14, 2008) - Phoenix International Ventures, Inc. (OTCBB: PIVN) announced today that its wholly owned subsidiary, Phoenix Aerospace Inc., has received five letters of intent for the value of up to $5,000,000 each, aggregating $25,000,000 for the supply of Aircraft parts during the next three years.

The major "Aerospace company" is based in Western Europe and specializes in maintenance and refurbishment of military and commercial aircraft. The name of the particular customer cannot be disclosed, due to commercial reasons.

Commenting on the LOI, Phoenix International Ventures, Inc.'s CEO, Mr. Zahir Teja, commented: "I am delighted with this development that creates an excellent opportunity for Phoenix to grow and become a significant player in the Aerospace market. I have worked with this customer in the past and I am satisfied to renew the business relationship and develop a fruitful long lasting cooperation."

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. The company has 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.

Certain statements in this news release by Phoenix International Ventures, Inc. are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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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