SOURCE: Phoenix International Ventures

Phoenix International Ventures

November 16, 2010 14:08 ET

Phoenix International Ventures, Inc. Announces $1,952,427 Revenues in the Nine Months Ended September 30, 2010; Backlog at $4.5M

First USAF Order for Company's IP Core Component

CARSON CITY, NV--(Marketwire - November 16, 2010) - Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced financial results for the nine months ended September 30, 2010.

Zahir Teja, President and CEO of Phoenix, stated: "During the third quarter the Company received a major order of a core component of aircraft engine trailers used by the US Air Force. This component is the Company's proprietary IP and should generate substantial revenues and profits in the coming years. I am satisfied that the Company already delivered the first units to the USAF." 

Mr. Teja continued: "During the nine months our company focused, among other things, on the execution of the $5.4M USAF contracts ($2.4 plus a $3M USAF option) for the development and initial manufacturing of the new engine trailer for the U.S. Air Force, and additional trailer related products. We believe that in spite of the low margin during the development phase, this newly designed equipment and its related components, will make a major contribution to the Company's growth and future profitability. We plan to complete the first article testing in the near future. The new engine trailer orders, with the core component order and other related components like various aircraft adaptors, position us as a significant supplier in the multi-billion dollar ground support equipment niche market. We believe that profitable orders for this equipment will start coming soon."

Mr. Teja added: "Concurrent with the order announced in August 2010 on which we have already begun to make deliveries, the Company believes that it is in a position to explore financing to ensure healthy growth."

For the nine months ended September 30, 2010 revenues decreased 28% to $1,952,427 as compared to $2,733,970 for the same period in 2009. Net loss amounted to $753,892 for the nine months ended September 30, 2010 as compared to a net loss of $175,289 for the same period in 2009. For the three months ended September 30, 2010 revenues decreased by 78% to $250,075 in comparison to $1,155,596 in the three months ended September 30, 2009. Net loss amounted to $287,139 for the three months ended September 30, 2010, compared to a net income of $32,112 in the same period for 2009.

About Phoenix International Ventures, Inc.
Phoenix International Ventures, Inc. of Carson City, Nevada, was established in order to acquire and develop business in the defense and aerospace market. The company has acquired 100% of Phoenix Aerospace Inc. which specializes in manufacturing, remanufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Certain statements in this news release by Phoenix International Ventures, Inc. are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government and/or customer contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans; product development and performance; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

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