(InternetWire) Phoenix Associates to Acquire United Soils, Inc.
Recent Approval by the US Army Corp of Engineers of the Company's Aggregate Prod
cts for Use on Projects in Greater New Orleans and the Gulf Region Has Accelerat
d the Build Up of Mining Operations at Murphy Sand & Gravel and the Acquisition
f United Soils
NEW ORLEANS, LA -- (MARKET WIRE) -- 05/23/06 -- Phoenix Associates Land Syndica
e
(PINKSHEETS: PBLS) today announced that it has entered into a binding
letter of intent to acquire eighty percent (80%) of the outstanding shares
of United Soils, Inc. and its sister company, Earth Products, Inc., with
the closing anticipated to be on or about June 2, 2006.
Paul Alonzo, President and CEO of Phoenix, said, "With the recent approval
by the US Army Corp of Engineers of aggregate products from the Company's
Murphy Sand & Gravel mines for use in the rebuilding of the Greater New
Orleans area and the Gulf region, the acquisition of United Soils makes
perfect sense."
Mr. Alonzo added, "Since we signed a working agreement with Ron Omilian,
President of United Soils, back in early 2006, we have strongly increased
production operations at the mining site. By bringing United Soils into
the Phoenix family of companies, we believe that the future will be very
bright for all parties involved."
Ronald C. Omilian said, "I am pleased that we have come to an agreement
with Phoenix, and will be combining our operations with a company that is
so determined to be a strong contributor to the rebuilding of the Gulf
region. Having already been working with Phoenix, we have become quite
comfortable that United Soils and Phoenix will grow together, doing our
best to accelerate the productivity of the Company's aggregate products
operations, and to satisfy the needs of the US Army Corp of Engineers and
the many others in need of our products and services."
More complete information about United Soils, Inc. and the terms of the
acquisition transaction will be released after the closing.
About United Soils, Inc.
United Soils, headquartered in Ray, Michigan, opened a division in the
Louisiana and Mississippi areas in early 2006 to help in the reconstruction
after the Katrina disaster, and has provided 3-4 million dollars worth of
heavy equipment to help in this reconstruction process. It has an
abundance of earth materials at the Phoenix sand & gravel mines in Pearl
River, Louisiana. United Soils has a fleet of trucks to provide the
hauling of these materials to the places most in need.
The Ray, Michigan, operation of United Soils is one of the largest
wholesale suppliers of bulk topsoil in North America, and is a
multi-service company providing mass earthwork, site grading, soil erosion
control and trucking. Having started out as a topsoil operation providing
custom blended soils and compost, today the company is heavily involved in
site development, snow removal, trucking and seeding, and own a large fleet
of gravel trains, dump trucks, dozers, scrapers, and loaders.
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
Forward-Looking Statements
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of Phoenix
Associates, and members of its management as well as the assumptions on
which such statements are based. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results
may differ materially from those contemplated by such forward-looking
statements. Important factors currently known to management that could
cause actual results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned transactions.
The company undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results.
AI
