SOURCE: Phoenix International Ventures

August 14, 2008 17:21 ET

Phoenix International Ventures, Inc. Announces Record Six Months Results

Increase of 82% in Revenues in the 2nd Quarter of 2008 as Compared With the 2nd Quarter of 2007

Record Six Month Revenues of $932,706 Which Was Close to Entire 2007 Results

Major Achievements in Performance of the US Air Force Study Order

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

Zahir Teja, President and CEO of Phoenix, stated: "Our revenues in the first six months of 2008 were almost the same as our revenues in our entire 2007 fiscal year. During the first six months, we have 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 into millions of dollars of orders."

For the six months ended June 30, 2008, revenues increased approximately 30% to $932,706 compared to $712,490 in the first six months of 2007. Net income amounted to $487,503 compared to a net loss of $523,193, in the first six months of 2007, primarily due to a recovery of a contingency in the amount of $566,154. For the three months ended June 30, 2008 revenues increased 82% to $461,540 compared to $253,975 in the 2nd quarter of 2007. Net loss amounted to $71,469 in the three months ended June 30, 2008 compared to a net loss of $468,926 for the 2nd quarter of 2007.

Commenting on the financial results, Mr. Zahir Teja added: "We face a fascinating challenge in finding solutions for the Ground Support Equipment in U.S. Air Force and U.S. Navy inventory that should flourish in the future, coupled with our current activities with customers like Northrop Grumman as well as European Aerospace companies designed to generate revenues and cash flow to ensure a healthy diversified company."

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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