SOURCE: Phoenix Associates Land Syndicate

September 19, 2007 03:00 ET

Phoenix Provides Clarification on Appeal Court Case

MADISONVILLE, LA--(Marketwire - September 19, 2007) - Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced that it has had many inquiries relating to the operational status of its Sand & Gravel mine in Pearl River, Louisiana following the decision of the Court of Appeal on September 14, 2007. The Company has asked its legal counsel on this matter, Thomas E. Schafer III, Esq., to provide comments on this matter. A letter from Mr. Schafer follows:

To Phoenix Associates Land Syndicate:

It has been brought to my attention that Phoenix has received a number of
inquiries whether, considering the decision of the Court of Appeal on
September 14, 2007, Phoenix can continue to operate the Sand and Gravel
Pit.  The suspensive appeal filed by Phoenix, and the posting of the appeal
bond, suspends the effect of the Judgment against Phoenix.

The bond is still in effect since the decision of the Court of Appeal is
not final.  A motion for rehearing is being prepared and will be timely

I am still optimistic that the rehearing will be granted to consider
whether the breach of the lease by Phoenix in entering into operating
agreements was a substantial breach to warrant the cancellation of the
entire lease.

In the event that the Court of Appeal does not grant the rehearing, then
Phoenix will continue the appeal to the Supreme Court, during which time
the appeal bond will remain in effect and Phoenix will have the right to
continue the operation of the Sand and Gravel Pit.

Thomas E. Schafer III

About Phoenix Associates

Phoenix Associates Land Syndicate is a holding company with assets in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries.

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