SOURCE: Phoenix Associates Land Syndicate

June 21, 2005 07:00 ET

Phoenix Signs Multi-Year Mining Contract

COVINGTON, LA -- (MARKET WIRE) -- June 21, 2005 -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS) is very pleased to announce that Mike Ellinger, the owner of Mike's Enterprises, has signed a multi-year contract through the year 2023 with Phoenix and will be working on the mine site at the Murphy Sand and Gravel operation located in Pearl River, Louisiana. Mr. Ellinger and his company are working to enhance the extraction of soil, gravel, sand and other products at Murphy's, which is the cornerstone of the Company's Mining Division.

CEO, Paul Alonzo, having a long working relationship with Mr. Ellinger prior to this new eighteen-year contract, states that, "Mike's new contract and the addition of his mining equipment to the Murphy operation will greatly benefit the efforts and will increase the ongoing revenues of Phoenix by an estimated $4,500,000 per year and an estimated $600,000 in net profit per year."

Investor Information:

Phoenix, trading on the OTC Pinksheets (OTC: PBLS), has about 2,600 shareholders of record. The Company has a total of 377,291,802 shares issued and outstanding as of June 10, 2005, of which 228,085,575 are restricted shares, and the remaining 149,206,227 shares are non-restricted shares and considered to be the public "float" shares. Based on the closing price of PBLS on June 10th, the Company's Market Cap is about $5.3 million.

For more information about Phoenix, go to the Company's website at: http://www.pbls.biz

Forward-Looking Statements

This press release contains statements that are "forward looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

Contact Information

  • For More Information Contact:
    Paul Alonzo
    Phoenix
    (985) 845-4627
    Email Contact

    Mike Mulshine
    Osprey Partners
    (732) 233-3853
    Email Contact