PBLS - Phoenix Informs Shareholders About Best Jets Engines, Inc.
Tuesday September 12, 5:45 am ET
NEW ORLEANS, LA--(MARKET WIRE)--Sep 12, 2006 -- Phoenix Associates Land Syndicate (Phoenix) (Other OTC:PBLS.PK - News) today released information on Best Jets Engines, Inc., one of the five "C" Corporations formed following the August 17th acquisition of the Best Jets Group of Companies.
Paul Alonzo, President and CEO of Phoenix Associates, stated, "We announced earlier that we would endeavor to more fully inform our shareholders about Best Jets and the exciting group of companies that we have acquired. Best Jets Engines, Inc. is one of the five new 'C' Corporations coming out of the original nine LLCs or partnerships that comprised the Denison, Texas-based Best Jets Group."
Best Jets Engines, Inc., a company that evolved from the combination of Best Jets Ltd and Best Jets Parts Ltd, is an FAA certified Jet Engine repair station which specializes in CJ610, CF700 and J85 Jet Engines. Best Jets Engines, Inc. has one of the largest inventories of parts in the world for 20 series Lear Jets and the above mentioned engines. Best Jets Engines, Inc also maintains a substantial inventory of completed engines that can be traded out to aircraft owners, thereby cutting the down time of an aircraft when engine rebuild becomes necessary.
Best Jets Engines, Inc. performs repairs, inspections and overhauls on General Electric CJ610 and CF700 series of turbo jet engines. These engines are most commonly used on 20 series Lear Jets and the Dassault Falcon 20. By way of background, the manufacturer specifies that these engines be overhauled every 5,000 hours of operation at a cost typically ranging from $250,000 to $400,000. They also require inspection of "Hot sections," the area from the combustion chamber to the turbine section where the hot gasses exit the engine, every 1,000 hours of operation. Depending on conditions discovered, a hot section inspection might cost from $50,000 to $100,000.
Recently, General Electric announced a "Propulsion Modernization Program" (PMP) for these engines that double the time between overhaul (TBO) from 5,000 to 10,000 hours and the "Hot Section" inspection interval from 1,000 to 2,000 hours. Best Jets has been working closely with General Electric to become the only engine shop authorized by GE to perform the modernization upgrade on engines in the civilian market. GE originally developed the PMP for the US Air Force, where these engines (under the moniker of "J85") provide propulsion for the T-38 Jet Trainer. They plan to keep the engine in service though the year 2040.
This new "solid spool compressor" engine will be standard equipment on the Best Jets 21st Century Lear Jet conversion Gold and Platinum Editions.
Additionally Best Jets Engines, Inc. has purchased an engine test cell that is in the process of being delivered and assembled at the Denison, Texas site.
Mr. Alonzo stated, "We believe that the new engine test cell capability will put Best Jets Engines at a completely different level than any other civilian engine company and will position Best Jets Engines to go after the lucrative market of foreign J85 military engine rebuilding."
The J85 engine is the same engine that powers the 20 series Lear Jet, but has an after burner which when in use increases the thrust enormously. There are about 10,000 of these engines worldwide.
Best Jets Engines, Inc. is currently negotiating a large contract to bring in a large number of the J85 engines for storage, disassembly, inspection and rebuild. This contract is projected to take 3-5 years to complete.
Mr. Alonzo added, "We at Phoenix look forward to working with the management and employees of Best Jets Engines, Inc. and expect revenues of this company to grow into tens of millions of dollars per year during the next 1-2 years."
About Phoenix Associates Land Syndicate (PBLS)
Phoenix Associates Land Syndicate (PBLS) is a public holding company, with thousands of 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 aviation, 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 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:
For More Information Contact:
Mike Mulshine
Osprey Partners
(732) 292-0982
osprey57@optonline.net
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Source: Phoenix Associates Land Syndicate
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