SOURCE: Phoenix Associates Land Syndicate

August 16, 2007 06:39 ET

Phoenix Associates Releases Mid-Year Financial Results

Reported Six-Month Revenues of $103 Million & Pretax Income of $4.9 Million; Looks Forward to Solid and Consistent Growth From Operations for 2007

MADISONVILLE, LA--(Marketwire - August 16, 2007) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced its Six-Months-2007 financial results. The Company reported consolidated (unaudited) revenues for the six months ended June 30, 2007 of $103,485,083, with pretax income of $4,880,908.

Phoenix looks forward to solid and consistent growth from continuing operations for the remainder of 2007. The management of Phoenix indicates that shareholders will be rewarded in 2007 by the continuing commitment to growing all sectors of the company's business.

Phoenix will be providing these operating results to Pink Sheets on August 15, 2007 in keeping with its intention to keep shareholders informed of progress on a timely basis.

Phoenix Associates Land Syndicate, Inc.
Consolidated Balance Sheet - (Unaudited)
   June 30, 2007 and December 31, 2006

                                                  at 6/30/07   at 12/31/06
                                                  -----------  -----------
ASSETS
Current Assets
   Cash and Cash Equivalents                        4,483,151    9,202,005
   Accounts receivable - net                       13,971,013    4,496,621
   Inventories                                     12,462,977   13,041,050
                                                  -----------  -----------
      Total Current Assets                         30,917,141   26,739,676

Other Assets
   Investment                                      20,550,088   18,250,088
   Prepaid Expenses                                   453,818      282,047
   Goodwill                                        14,532,540   13,232,540
   Oil Reserves                                             0            0
   Land Leases                                      1,402,840    1,402,840
                                                  -----------  -----------
      Total Other Assets                           36,939,286   33,167,515

Fixed Assets
   Buildings                                          728,000      728,000
   Land                                               225,000      225,000
   Real Estate Holdings                            11,002,642   11,002,642
   Building Improvements                              451,309      412,268
   Machinery & Equipment                            9,935,842    9,397,825
   Furniture & Fixtures                               220,114      177,065
   Leasehold Improvements                          18,549,000   18,549,000
   Mineral Reserves                                47,550,000   47,550,000
   Vehicles                                           324,086      275,531
   Less: Accum Depletion                          (18,156,990) (16,015,635)
   Less: Accum Depreciation                        (7,687,490)  (6,780,821)
                                                  -----------  -----------
      Total Fixed Assets - Net                     63,141,513   65,520,875

TOTAL ASSETS                                      130,997,940  125,428,066
                                                  ===========  ===========

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities                                20,175,064   28,543,162

Long Term Liabilities                              11,245,798    4,107,000

Shareholders' Equity
   Stock & Paid in Capital                         86,012,974   84,113,032
   Unrealized Market Gain / (Loss)                      3,883      (14,441)
   Retained Earnings                                8,679,313         (158)
   Income / (Loss)                                  4,880,908    8,679,471
                                                  -----------  -----------
                                                   99,577,078   92,777,904

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY          130,997,940  125,428,066
                                                  ===========  ===========

Phoenix Associates Land Syndicate, Inc.
Consolidated Statement of Operations (Unaudited)


                                                  Six Months
                                                    Ended
                                                   June 30,
                                                     2007
                                                  -----------

Revenues                                          103,485,083

Costs of Goods Sold                                88,790,201
                                                  -----------

Gross Profit                                       14,694,882

Operating Expenses                                  6,798,969

Operating Profit / (Loss) before                    7,895,913
     Depr, Amort, Depl, Interest & Tax

Depr, Amort, Depl, Interest & Tax                   3,048,042

Other Income / (Expenses)                              33,037

Income / (Loss) -- PreTax                           4,880,908
                                                  ===========
Notes: The above data was prepared internally by
management

About Phoenix Associates Land Syndicate

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 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.

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