SOURCE: Phoenix International Ventures

May 12, 2008 15:13 ET

Phoenix International Ventures, Inc. Announces Record 1st Quarter Results

CARSON CITY, NV--(Marketwire - May 12, 2008) - Phoenix International Ventures, Inc. (OTCBB: PIVN)

--  Record Revenues of $471,166
    
--  Net profit of $558,972 due to $560,951 of one time other income
    
--  Operational break even
    
--  Record Backlog of $4.2 Million dollars.
    

Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced financial results for the three months ended March 31, 2008.

Zahir Teja, President and CEO of Phoenix, stated: "We've made tremendous progress this quarter, we're operationally breaking even and we had our highest sales volume since the merger -- half of our entire sales volume in 2007. We significantly improved our balance sheet with the recovery of a $566,154 contingency, which resulted in overall net income of $558,972 for the quarter. Additionally, we are in a position where our backlog has never been higher, with $4.2 million in orders. We believe that the Navy and Air Force studies that we prepared and delivered will result in major follow on orders for many millions of dollars. This quarter shows that we can grow and be profitable at the same time."

For the three months ended March 31, 2008, revenues were $471,166 in comparison to $458,515 in the first quarter 2007. Losses from operations amounted to only $1,979, in comparison to a $50,220 net loss from operations for the same period in 2007. The Company had $560,951 in other income due to a recovery of a contingency related to a legal settlement. Net income amounted to $558,972 in comparison to a net loss of $54,276, in the first quarter 2007. Commenting on the financial results, Zahir Teja, our president and CEO, stated: "In addition to the headway in revenues and the recovery of the contingency we've managed to pay down significant liabilities in the quarter. Our backlog, coupled with the groundwork we have laid for future orders, positions us for a continual improvement in our financial results."

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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