SOURCE: Phoenix International Ventures

November 14, 2008 15:45 ET

Phoenix International Ventures, Inc. Announces Record Nine Months Results; Record Revenues of App $1.7 Million, Record Backlog of $5.6 Million

Revenues for the Nine Months More Than Doubled to $1,678,843

Record Quarterly Revenues of $746,137

Backlog Rises to a Record $5.6 Million on Breakthrough Order of $2.4 M Order

CARSON CITY, NV--(Marketwire - November 14, 2008) - Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced financial results for the three months and nine ended September 30, 2008.

Zahir Teja, President and CEO of Phoenix, stated: "We've made tremendous progress this quarter, we're operationally breaking even and we had record revenue volume for the nine and three months. Revenues for the nine months this year were more than twice what they were for the same period in 2007. For the three months ended September 30, 2008, our revenues were ten times greater than the same period in 2007."

Teja continued by saying: "We have made a significant breakthrough this quarter by receiving a $2.4 million order from the U.S. Air Force to design and manufacture new age aircraft engine trailers. This contract has an awarded, but not yet exercised, $2.9 million option. We believe that successful completion of the project may lead to significant follow on orders. This order has pushed our backlog to a record $5.6 million. During the first nine months, we have also achieved significant milestones by successfully completing different types of proof of concept units proving our technical capabilities in providing valuable solutions to our customers' needs. We believe that these achievements will ultimately lead to millions of dollars of additional orders."

For the nine months ended September 30, 2008, revenues increased by 113% to $1,678,843 in comparison to $789,682 in the nine months ended September 30, 2007. Losses from operations amounted to $62,697, in comparison to an $819,679 net loss from operations for the same period in 2007. Net income amounted to $461,689 for the first nine months of 2008, compared to a net loss of $832,977, in the same period for 2007, primarily due to a recovery of a contingency in the amount of $566,154. For the three months ended September 30, 2008 revenues increased by 867% to $746,137 compared to $77,912 in the three months ended September 30, 2007. Net income from operations amounted to $2,620 for the three months ended September 30, 2008 in comparison to a net loss from operations of $305,236 for the same period in 2007. Net loss amounted to $25,814 in the three months ended September 30, 2008 compared to a net loss of $309,784 for the same period in 2007.

Commenting on the financial results, Zahir Teja, our president and CEO, stated: "In addition to the headway in revenues and marketing we've managed to significantly improve our balance sheet. Our backlog, coupled with the groundwork we have laid for future orders, positions us for continued 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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