I wonder when this will be completed?
Phoenix to Triple Its Holdings of Gravel Mining Assets
Company to Acquire a 1,700 Acre Sand and Gravel Mining Operation in Southwest Mississippi; When Combined With Its Pearl River Mining Assets, Phoenix Will Be Largest Supplier of Aggregate Products in the Louisiana and Mississippi Gulf Coast Region
MADISONVILLE, LA, May 08, 2007 (MARKET WIRE via COMTEX) -- 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.
