SOURCE: Phoenix Associates Land Syndicate

May 03, 2006 11:19 ET

Phoenix Associates to Acquire TCB Properties, LLC

Expands Its Construction Division With the Addition of This Diversified Land Development and Construction Company With Holdings in Condos, Condo-Conversion Projects, Raw Land, and Natural Gas Wells

NEW ORLEANS, LA -- (MARKET WIRE) -- May 3, 2006 -- Phoenix Associates Land Syndicate (OTC: PBLS) today announced that it has entered into a binding letter of intent to acquire TCP Properties, LLC, a diversified land development and construction company with holdings in raw land, condominiums and condo-conversion projects, and natural gas wells in Texas.

Paul Alonzo, President and CEO of Phoenix, said, "With all of our recently announced activities in the Oil & Gas sector, this acquisition of TCB Properties should remind our shareholders that we are a diversified holding company with 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."

Mr. Alonzo added, "This acquisition is expected to close within 30 days, and will contribute to the growth of our construction business at a time when the Gulf region is going through what will be many years of rebuilding in the region, along with the continued natural growth of the area that was already in motion prior to Katrina."

About The Phoenix Construction Division

In the fall of 2005, Phoenix completed the acquisition of 3-D Builders, Inc. for stock and cash, in an effort to increase its construction division capability in the wake of Hurricanes Katrina and Rita. The acquisition of TCB Properties, LLC will expand the size and scope of this business unit of Phoenix.

The Company continues to add human resources to pursue work through the U.S. Army Corps of Engineers, the Federal Emergency Management Agency (FEMA) and regional contractors that have been assigned work in the disaster relief area. As a result, the Company has established a reputation as a "high quality with sound value" provider in the Southeast regional construction market.

Also, strategically located in the Construction division, are Ann Arbor Pool Builders and Great Lakes Pool Plastering, which are licensed in four states.

About Phoenix Associates Land Syndicate (PBLS)

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with over 5,700 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

Forward-Looking Statements

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Phoenix Associates, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

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