SOURCE: Phoenix Associates Land Syndicate

February 14, 2007 09:35 ET

Phoenix Associates Acquires Noble Jet

MADISONVILLE, LA -- (MARKET WIRE) -- February 14, 2007 -- Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced the acquisition of Noble Jet, Inc., a jet aircraft maintenance facility located on the Fort Lauderdale Executive Airport (FXE).

Phoenix Associates has acquired 80% of the common stock of Noble Jet, Inc. for $2.0 million, paid through a combination of cash payments and a ten year note at 6.00% APR. Mr. Noble Kurth will retain a 20% equity position in Noble Jet and will continue to manage the day to day operation as Chief Operating Officer. Phoenix will assume overall executive control on February 23, 2007.

Paul Alonzo, President and CEO of Phoenix Associates, stated, "We are very excited about the addition of Noble Jet to the Phoenix organization. Coupled with the Best Jets group of companies, Noble Jet will give us an existing book of business in the very active south Florida market, and will provide a service center for new and existing Best Jets clients in the southeastern U.S.A. This strategic location will also provide us a portal to Learjet operators throughout Latin America."

Noble Jet specializes in the Learjet family of aircraft, performing unscheduled repairs, routine maintenance, and major airframe inspections. Several air taxi operators rely on Noble Jet for direct support of their Learjet fleet.

Mr. Alonzo added, "Noble Jet does not presently perform engine repairs or hot section inspections, so teaming with Best Jets will give Noble Jet expanded capability to better serve its customers who operate 20 series Learjets."

In conjunction with the acquisition of Noble Jet, Phoenix announces the hiring of Jeff Hathorn to conduct marketing and sales efforts in the Southeast for the Best Jets family of companies. Mr. Hathorn is an airline transport pilot and has an extensive aviation resume, including flying experience in the military, air cargo, passenger airlines, and corporate jets. Of particular interest to Phoenix Associates, one of his many FAA type ratings is in Learjets. In addition to aviation, Mr. Hathorn has substantial business experience, having owned and managed marinas, yacht sales outlets, and various real estate and marine related businesses.

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 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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