InternetWire) Phoenix Associates to Acquire TCB Properties, LLC
Expands Its Construction Division With the Addition of This Diversified Land Dev
lopment and Construction Company With Holdings in Condos, Condo-Conversion Proje
ts, Raw Land, and Natural Gas Wells
NEW ORLEANS, LA -- (MARKET WIRE) -- 05/03/06 -- Phoenix Associates Land Syndica
e (OTC: PBLS) today announced that it has entered into a binding letter of inten
to acquire TCP Properties, LLC, a diversified land development and
construction company with holdings in raw land, condominiums and
condo-conversion projects, and natural gas wells in Texas.
Paul Alonzo, President and CEO of Phoenix, said, "With all of our recently
announced activities in the Oil & Gas sector, this acquisition of TCB
Properties should remind our shareholders that we are a diversified holding
company with assets and/or interests in sand & gravel, soil products, land
development, oil and natural gas, commodity brokering, plumbing, trucking,
contract hauling, construction, swimming pool construction and construction
related industries."
Mr. Alonzo added, "This acquisition is expected to close within 30 days,
and will contribute to the growth of our construction business at a time
when the Gulf region is going through what will be many years of rebuilding
in the region, along with the continued natural growth of the area that was
already in motion prior to Katrina."
About The Phoenix Construction Division
In the fall of 2005, Phoenix completed the acquisition of 3-D Builders,
Inc. for stock and cash, in an effort to increase its construction division
capability in the wake of Hurricanes Katrina and Rita. The acquisition of
TCB Properties, LLC will expand the size and scope of this business unit of
Phoenix.
The Company continues to add human resources to pursue work through the
U.S. Army Corps of Engineers, the Federal Emergency Management Agency
(FEMA) and regional contractors that have been assigned work in the
disaster relief area. As a result, the Company has established a
reputation as a "high quality with sound value" provider in the Southeast
regional construction market.
Also, strategically located in the Construction division, are Ann Arbor
Pool Builders and Great Lakes Pool Plastering, which are licensed in four
states.
About Phoenix Associates Land Syndicate (PBLS)
Phoenix Associates Land Syndicate (PBLS) is a public holding company, with
over 5,700 stockholders, that has purchased motivated companies in order to
enhance its assets and income basis. Since 1978, PBLS has developed assets
and/or interests in sand & gravel, soil products, land development, oil and
natural gas, commodity brokering, plumbing, trucking, contract hauling,
construction, swimming pool construction and construction related
industries. For more information, visit www.pbls.biz
