PBLS .0165 X.017 News:
Phoenix to Triple Its Holdings of Gravel Mining Assets
9:35a ET May 8, 2007 (Market Wire)
Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced it has entered into an agreement to purchase a 1,700 acre gravel pit in Southwest Mississippi. At current market prices the mineral deposits/reserves of this mine are estimated to be in the one billion to one and a half billion dollars area.
Phoenix indicated that adding these reserves to the existing reserves at the 820 acre Murphy Sand & Gravel site in Pearl River, Louisiana, the Company believes it will become the largest supplier of aggregate products on the Gulf Coast of Louisiana and Mississippi.
Paul Alonzo, CEO of Phoenix, stated, "Due to the enormous demand for gravel, different types of sands and soil products, it has made it extremely important for Phoenix to grow this division of our company. Current sales projections for our sand and gravel division exceed our current abilities to deliver product."
Mr. Alonzo added, "As announced in an earlier news release, we are immediately adding another production operation at the Pearl River site. This new pit has three production operations plus classifiers for producing different types of sand that we currently do not have at the Pearl River site, but are in the process of adding at the present time."
The Company expects to close this new acquisition within 90 days. Financing is in place and due diligence has started. Upon closing all financial details will be released to our shareholders and the investment community.
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.
For More Information Contact: Mike Mulshine Osprey Partners (732) 292-0982 osprey57@optonline.net
SOURCE: Phoenix Associates Land Syndicate
mailto:osprey57@optonline.net
