SOURCE: Phoenix Associates Land Syndicate

June 14, 2007 09:30 ET

Phoenix Associates Releases 2006 & 2005 Financial Results

More Complete Financial Disclosures to Be Filed With Pink Sheets by June 15, 2006 Will Enable Shareholders and Potential Investors to More Readily Evaluate Phoenix as an Investment Worthy Company; Phoenix to Be Categorized as "Current Information" Provider by Pink Sheets

MADISONVILLE, LA--(Marketwire - June 14, 2007) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced that the Company intends to file its financial full disclosure documents with Pink Sheets by June 15th so as to be in compliance with requirements to be categorized as a "Current Information" provider under the new Pink Sheets categorization system.

Paul Alonzo, President and CEO of Phoenix, stated, "I am very pleased to release the much requested financials for 2006 and 2005 at this time. Every effort has been made by our accounting staff and our SEC attorney to be sure to properly and accurately present the financials of PBLS for '06 and '05." Mr. Alonzo added, "These financials will point out to shareholders what has been accomplished by our company since the end of 2004, when our revenues were just under $500 thousand for the entire year."

Mr. Alonzo commented further, "The filing of our financial disclosure documents with Pink Sheets is ready. Phoenix has completed its application with Pink Sheets and paid the appropriate fees, and intends to electronically transfer its financial disclosure documents for posting on Pink Sheets on Friday, June 15th. Once transmitted to Pink Sheets, we expect these disclosure documents to be posted for investor availability on a timely basis."

Phoenix indicated that once this financial disclosure process is completed via the Pink Sheets, the Company will become focused on the release of news within the next week or so related to a number of acquisitions that have not as yet been announced.

The financial information provided below is a summary of the more complete disclosures that are included in the documents to be filed for disclosure via the Pink Sheets on June 15, 2006.

Phoenix Associates Land Syndicate, Inc.
Consolidated Balance Sheet - Pre-Audit
--------------------------------------
   December 31, 2006 and 2005
                                                  2006           2005
                                              -----------    -----------
ASSETS
Current Assets
  Cash and Cash Equivalents                     9,202,005      6,646,963
  Accounts Receivable - Net                     4,496,621      1,273,181
  Inventories                                  13,041,050      9,525,500
                                              -----------    -----------
    Total Current Assets                       26,739,676     17,445,644

Other Assets
  Investment                                   18,250,088      9,633,375
  Prepaid Expenses                                282,047        102,296
  Goodwill                                     13,232,540      9,632,540
  Oil Reserves                                          0              0
  Land Leases                                   1,402,840      1,401,265
                                              -----------    -----------
    Total Other Assets                         33,167,515     20,769,476

Fixed Assets
  Buildings                                       728,000        728,000
  Land                                            225,000        225,000
  Real Estate Holdings                         11,002,642              0
  Building Improvements                           412,268         25,275
  Machinery & Equipment                         9,397,825      2,309,398
  Furniture & Fixtures                            177,065        157,965
  Leasehold Improvements                       18,549,000     15,885,990
  Mineral Reserves                             47,550,000     47,550,000
  Vehicles                                        275,531        275,531
  Less: Accum Depletion                       (16,015,635)   (13,314,000)
  Less: Accum Depreciation                     (6,780,821)    (3,584,267)
                                              -----------    -----------
    Total Fixed Assets - Net                   65,520,875     50,258,892

TOTAL ASSETS                                  125,428,066     88,474,012
                                              ===========    ===========

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities                            28,543,162      6,519,938

Long Term Liabilities                           4,107,000      2,343,842

Shareholders' Equity
  Stock & Paid in Capital                      84,113,032     79,610,390
  Unrealized Market Gain / (Loss)                 (14,441)
  Retained Earnings                                  (158)          (158)
  Income / (Loss)                               8,679,471
                                              -----------    -----------
                                               92,777,904     79,610,232

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY      125,428,066     88,474,012
                                              ===========    ===========


Phoenix Associates Land Syndicate, Inc.
Consolidated Statement of Revenue and Expense - Pre-Audit
---------------------------------------------------------
   For Year Ended December 31, 2006

                                                  2006
                                              -----------
Revenue                                       178,143,101

Cost of Goods Sold                            159,605,335
                                              -----------
Gross Profit                                   18,537,766

Operating Expenses                             11,160,096

Operating Profit / (Loss) before                7,377,670
 Depr, Amort, Depl, Interest & Tax

Depr, Amort, Depl, Interest & Tax               5,898,199

Other Income / (Expenses)                       7,200,000

Income / (Loss) Pre Tax                         8,679,471
                                              ===========

Phoenix Associates Land Syndicate, Inc.
Consolidated Statement of Revenue and Expense - Pre-Audit
---------------------------------------------------------
   For Year Ended December 31, 2005
                                                  2005
                                              -----------

Revenue                                       165,971,862

Costs and Expenses
  Operation Costs                             156,771,118
  General and Administrative                    2,735,642
                                              -----------
    Total Costs and Expenses                  159,506,760

EBITDA                                          6,465,102
                                              ===========

About Phoenix Associates Land Syndicate

Phoenix Associates Land Syndicate (PINKSHEETS: 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

Forward-Looking Statements

This press release contains statements that are "forward-looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

Contact Information