SOURCE: Phoenix Associates Land Syndicate

September 18, 2007 14:55 ET

Phoenix Associates Provides Further Clarification on Appeal Court Case

MADISONVILLE, LA--(Marketwire - September 18, 2007) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced that it has had many inquiries relating to the operational status of its Sand & Gravel mine in Pearl River, Louisiana following the decision of the Court of Appeal on September 14, 2007. The Company has asked its legal counsel on this matter, Thomas E. Schafer III, Esq., to provide comments on this matter. A letter from Mr. Schafer follows:

         To Phoenix Associates Land Syndicate:

         It has been brought to my attention that Phoenix has received a
         number of inquiries whether, considering the decision of the Court
         of Appeal on September 14, 2007, Phoenix can continue to operate
         the Sand and Gravel Pit.  The suspensive appeal filed by Phoenix,
         and the posting of the appeal bond, suspends the effect of the
         Judgment against Phoenix.

         The bond is still in effect since the decision of the Court of
         Appeal is not final.  A motion for rehearing is being prepared and
         will be timely filed.

         I am still optimistic that the rehearing will be granted to
         consider whether the breach of the lease by Phoenix in entering
         into operating agreements was a substantial breach to warrant the
         cancellation of the entire lease.

         In the event that the Court of Appeal does not grant the
         rehearing, then Phoenix will continue the appeal to the Supreme
         Court, during which time the appeal bond will remain in effect and
         Phoenix will have the right to continue the operation of the Sand
         and Gravel Pit.

                                                  Thomas E. Schafer III

About Phoenix Associates

Phoenix Associates Land Syndicate is a holding company with assets 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.

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