Newest installment in "As the Pebble Turns"...
News for 'PBLS' - (Phoenix Associates Raises Offer and Extends the Voting Preferred Stock Participation Program Effective August 10, 2007 Conversion Price on Common Stock Raised to $0.08 and Extension of Deadline to November 30, 2007 for Shareholders to Convert Common Stock Into Voting Preferred Stock; Until Today Conversion Price Was Set at $0.06 and Program Was Set to Expire on October 31, 2007)
MADISONVILLE, LA, Aug 09, 2007 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced that effective today the Company is terminating the "Voting Preferred Stock Participation Program" that provided for conversion to voting preferred stock based on the common stock being valued at $0.06 per share, and effective tomorrow, August 10, 2007, all common stock received by the Company for conversion will be valued at $0.08 per share. The deadline for conversion under this program is extended to November 30, 2007, from the prior deadline of October 31, 2007.
It was back on February 15, 2007 that Phoenix first announced that it would be converting 62.5 million of its authorized shares of preferred stock, $10 par value, to "voting" preferred stock, $10 par value, so as to make voting preferred shares available for this program. The new voting preferred stock, which is now transferable and assignable, will pay an annual dividend of 6% which will be paid quarterly. Phoenix will redeem the preferred stock within five years from the date of issuance.
Phoenix shareholders are hereby notified that effective August 10, 2007 all shares of common stock received by the Company under this conversion program will have a value of $0.08 placed on each share submitted for conversion by the extended date of November 30, 2007. Thus, for each 125 shares common stock submitted for conversion the shareholders will receive one share of $10 par value voting preferred stock. Each voting preferred share will have 125 votes. Holders of the voting preferred stock will receive an annual 6% cash dividend (paid quarterly) and the voting preferred shares will be redeemed within five years.
Any shareholder that wishes to participate in this common to preferred stock conversion program please:
1. Send your common stock certificate via "Certified - Return Receipt Requested" mail to:
Phoenix Associates Land Syndicate
P.O. Box 1358
Covington, LA 70434-1358
2. With your certificate send a letter in your own words, stating that you wish to trade these shares of common stock for the Phoenix voting preferred stock conversion offer at $0.08 per share and that you request your voting preferred stock be sent within thirty (30) days.
3. Sign the back of your certificate as the seller and send along with your letter.
4. Phoenix will handle the ensuing paperwork and will send your voting preferred stock within thirty (30) days of the receipt of your letter and your signed certificate.
About Phoenix Associates
Phoenix Associates Land Syndicate is a holding company with assets in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction an d construction related industries.
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
