SOURCE: Phoenix Associates Land Syndicate

May 23, 2006 09:30 ET

Phoenix Associates to Acquire United Soils, Inc.

Recent Approval by the US Army Corp of Engineers of the Company's Aggregate Products for Use on Projects in Greater New Orleans and the Gulf Region Has Accelerated the Build Up of Mining Operations at Murphy Sand & Gravel and the Acquisition of United Soils

NEW ORLEANS, LA -- (MARKET WIRE) -- May 23, 2006 -- Phoenix Associates Land Syndicate (PINKSHEETS: PBLS) today announced that it has entered into a binding letter of intent to acquire eighty percent (80%) of the outstanding shares of United Soils, Inc. and its sister company, Earth Products, Inc., with the closing anticipated to be on or about June 2, 2006.

Paul Alonzo, President and CEO of Phoenix, said, "With the recent approval by the US Army Corp of Engineers of aggregate products from the Company's Murphy Sand & Gravel mines for use in the rebuilding of the Greater New Orleans area and the Gulf region, the acquisition of United Soils makes perfect sense."

Mr. Alonzo added, "Since we signed a working agreement with Ron Omilian, President of United Soils, back in early 2006, we have strongly increased production operations at the mining site. By bringing United Soils into the Phoenix family of companies, we believe that the future will be very bright for all parties involved."

Ronald C. Omilian said, "I am pleased that we have come to an agreement with Phoenix, and will be combining our operations with a company that is so determined to be a strong contributor to the rebuilding of the Gulf region. Having already been working with Phoenix, we have become quite comfortable that United Soils and Phoenix will grow together, doing our best to accelerate the productivity of the Company's aggregate products operations, and to satisfy the needs of the US Army Corp of Engineers and the many others in need of our products and services."

More complete information about United Soils, Inc. and the terms of the acquisition transaction will be released after the closing.

About United Soils, Inc.

United Soils, headquartered in Ray, Michigan, opened a division in the Louisiana and Mississippi areas in early 2006 to help in the reconstruction after the Katrina disaster, and has provided 3-4 million dollars worth of heavy equipment to help in this reconstruction process. It has an abundance of earth materials at the Phoenix sand & gravel mines in Pearl River, Louisiana. United Soils has a fleet of trucks to provide the hauling of these materials to the places most in need.

The Ray, Michigan, operation of United Soils is one of the largest wholesale suppliers of bulk topsoil in North America, and is a multi-service company providing mass earthwork, site grading, soil erosion control and trucking. Having started out as a topsoil operation providing custom blended soils and compost, today the company is heavily involved in site development, snow removal, trucking and seeding, and own a large fleet of gravel trains, dump trucks, dozers, scrapers, and loaders.

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

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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