InternetWire) Phoenix Announces Increase in Authorized Shares
COVINGTON, LA -- (MARKET WIRE) -- 06/20/06 -- Phoenix Associates Land Syndicate
(Phoenix)
(PINKSHEETS: PBLS) today announced that it filed a corporation action with
the Nevada Secretary of State on June 15, 2006 to increase its authorized
shares of common stock from 997 million shares to 1,750 million; and to
increase its authorized shares of preferred stock from 3 million to 250
million.
The Company explained that the driving reason behind this corporate action
to increase its authorized shares is the fact that the company was getting
low on the number of unissued preferred shares, and since it uses preferred
for acquisitions and has certain potential acquisitions in view, leadership
felt that they needed to take timely action to increase the authorized
preferred shares.
Phoenix already had a formal resolution in the corporate records, from a
few years earlier, that had authorized the increase of its preferred shares
from 3 million to 250 million and its common shares from 997 million to
1,750 million, and this resolution was already on the books of the company,
but had not yet been implemented. The Company indicated that it could
still implement this already approved corporate action at this time without
the long delays of calling a special meeting of shareholders, a process
that would typically have taken 60 to 75 days... or more.
It was explained further that the Company really did not need to increase
the authorized common shares at this time, and will continue to repurchase
common shares as stated in earlier news releases. The Company made it
clear that they could not break the resolution apart and only increase the
preferred shares. It was a decision to implement the resolution in full or
not at all.
Paul Alonzo, President and CEO of Phoenix Associate, stated, "While I know
that some may be concerned about this increase in our authorized shares, in
the end it is not the authorized that really matters, but the issued
shares, and in this regard, this corporate action has not caused any new
shares to be issued." In addition, Mr. Alonzo stated, "The ultimate goal
of Phoenix management is to grow our Company's revenues and profitability
quickly, to become fully transparent to the public, and thereby maximize
share value for our shareholders."
Mr. Alonzo commented further, "We have made the decision to make the full
capitalization structure of Phoenix public very soon so as to set
shareholders concerns to rest."
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," "estima
