Monday , July 31, 2006 12:35 ET
NEW ORLEANS, LA -- (MARKET WIRE) -- 07/31/06 -- Phoenix Associates Land Syndicate (PINKSHEETS: PBLS)(www.pbls.biz) today announced that Paul Alonzo, its President and CEO, issued the following message to the company's shareholders.
MESSAGE TO SHAREHOLDERS
I want to thank all of you for the overwhelming favorable comments that have been e-mailed to me as a response to my radio interview last Thursday. Phoenix will become fully transparent when the independent auditors finish their work. Phoenix has 22 companies and/or registered trade names that it operates under. At least seven of these are being cancelled. Many of these entities have different reporting dates and different states of origination. The job of putting all of these in order is overwhelming with three years of audits (2006 included) for each entity.
Whether good or bad, the news will be released, and as we take each step, Phoenix will become fully transparent. I am not going to predict a date or a time on the release of this information, only that it will be done. In 2001, the company was released from Chapter 11 (reorganization) and did $151,000 in gross revenue. By 2005, the company has changed considerably - - see unaudited consolidated financials for 2005 below. By the time of the final audit for 2006, I believe the company will be annualizing far greater numbers, even after considering the revenues that were lost due to Hurricane Katrina.
As a non-reporting pink sheet company, it is important that we maximize our time and efforts to add assets and income to Phoenix. At the same time we continue to work in a quiet period while we do our work. The reason for the quiet period was re-established Thursday while I was announcing the binding letter of intent to purchase Best Jets, Ltd. and other related companies in my teleconference. While I was finishing the interview, our stockholders began calling Best Jets and asking questions. The Best Jets group of companies had not even told their employees yet. This continuous business interference is outrageous and negatively works against the efforts of Phoenix. The purchase of another company that took someone 15 to 20 years to put together is a very delicate process. This company was their baby and their employees are their corporate family and they have a deep personal responsibility to that family. The time between the binding letter of intent and the closing contract is very critical for these and many other reasons. Stockholder interference during this time frame is ridiculous and works against all of our interests. Phoenix will remain in a quiet period.
Just as a reminder Phoenix has a buy back offer in place that reads as follows:
Phoenix shall repurchase up to one hundred million shares at a price of $0.03 per share of common stock, and all repurchases shall be effected in compliance with Rule 10b-18, promulgated under the Securities Exchange Act of 1934.
Should you wish to participate in this stock repurchase program please:
1. Send your stock certificate via "Certified -- Return Receipt Requested" mail to:
Phoenix Associates Land Syndicate
P.O. Box 1358
Covington, Louisiana 70434-1358
These guys are living in the land of confusion.
