Phoenix Associates Land Syndicate (fka PBLSQ)

[Shizoku]

Just got off the phone with Ron Blackburn....

I asked if we will get an explanation of how we got from the 1 billion range to 1.75 billion...

His answer: There are 4 acquisitions which will be pr'd.....

Also, a "significant amount of the common stock from the 1.75 billion is from the preferred shares....." He stated that they had to use the whole 1.75 billion as the o/s....there was significant discussions/arguments as to why they have to account for the preferred shares with common stock.... but in the end they did...

He said in the next couple of weeks a lot more light will be shed on these matters and others....

I hope this helps .....