Saturday, November 26, 2005 11:33:48 AM
'stushy'...I see this is your first post here...
And we'd like to say...
To the Board...
It's good to see another 'Long' join the Board...
I'll take the 'Other' side of your position that..."It's possible they may delay PR to pick up some more shares on the cheap."...They've had the last two months to get all the cheap shares they could want IMO...
Because I tend to believe in the Management of this Company and the PR's they put out, and will continue to believe that they are true until proven otherwise...We will all know the answer to this by the close of the Market this coming Wednesday...
If they announced the closing of the ProGas Deal on the 15th of this month, and claim it will close on the 30th, they have been 'working' on this Deal for some time now...
This PR that announces it has some interesting comments that I will underline...
First, they signed a "Binding Letter of Intent"...With only a 15 day window between announcing and closing, it may be safe to assume this is a 'Done Deal', as there is usually a clause in an agreement of this kind stating that either party has 30 days to withdraw from the agreement...
Second, while they did leave a 'margin of error' as to the actual "Closing" Date with this sentence: "The deal, which is expected to close on or before 11/30/05"...It would be best to close on time, to show the world that they mean 'Business'...If the lawyers have 'dotted all the i's and crossed all the t's in time, they Will sign on time...
Third, and what I find most interesting is: In the second paragraph, they state that: "While specific information on the acquisition will be made available when the transaction closes"...
That will be a "first" in an Acquisition PR from PBLS, in that they should actually tell us 'How Much' Cash, Restricted, and Preferred Shares this Acquisition cost them...We should also learn more about the "Audited Financials" for ProGasInc...
The release of this kind of information will bring a lot of attention to PBLS from a whole new crowd of Investors...IMO
http://biz.yahoo.com/bw/051115/20051115005469.html?.v=1
COVINGTON, La.--(BUSINESS WIRE)--Nov. 15, 2005--Phoenix Associates Land Syndicate (Pink Sheets: PBLS - News) announced today that it has signed a binding letter of intent to purchase Covington, Louisiana based ProGas, Inc. The deal, which is expected to close on or before November 30, 2005, will add significant production and distribution capacity to Phoenix's energy business, as well as a mature and growing business portfolio complimentary to the company's existing Oil & Gas operations.
According to ProGas audited financial statements, the acquisition when closed, is expected to add in excess of $190,000,000 in annual revenues to Phoenix. While specific information on the acquisition will be made available when the transaction closes, the Company did release that transaction consideration will consist of a combination of cash, restricted and preferred shares.
ProGas, which also has offices in Houston, Texas, is a full service energy company that provides marketing responsive solutions to Energy producers and consumers, with services including energy supply management, natural gas and crude oil marketing, physical energy transportation (trucks, barges, pipelines), physical and financial risk management, administrative and regulatory consulting and a rapidly growing facilities financing division.
Paul Alonzo, CEO of Phoenix stated, "This acquisition embodies a strategic cornerstone in our ongoing efforts to attain critical mass in our energy operations and establish a sizable domestic footprint. The acquisition will not only add substantial free cash flows but also significant margin enhancement by acting as internal marketing agent for our existing Oil & Gas production operations." He continued, "I am particularly excited by the rapid growth of ProGas' facilities finance division. This business will give Phoenix a unique opportunity to help qualified producers grow their production and reserve base by taking a risk-mitigated ownership position in the physical asset of these businesses. The financing structure frees producers to focus their capital resources on core oil and gas producing activities while providing Phoenix with partial ownership, pre-agreed lease payouts and revenues over a designated time period."
And we'd like to say...
To the Board...
It's good to see another 'Long' join the Board...
I'll take the 'Other' side of your position that..."It's possible they may delay PR to pick up some more shares on the cheap."...They've had the last two months to get all the cheap shares they could want IMO...
Because I tend to believe in the Management of this Company and the PR's they put out, and will continue to believe that they are true until proven otherwise...We will all know the answer to this by the close of the Market this coming Wednesday...
If they announced the closing of the ProGas Deal on the 15th of this month, and claim it will close on the 30th, they have been 'working' on this Deal for some time now...
This PR that announces it has some interesting comments that I will underline...
First, they signed a "Binding Letter of Intent"...With only a 15 day window between announcing and closing, it may be safe to assume this is a 'Done Deal', as there is usually a clause in an agreement of this kind stating that either party has 30 days to withdraw from the agreement...
Second, while they did leave a 'margin of error' as to the actual "Closing" Date with this sentence: "The deal, which is expected to close on or before 11/30/05"...It would be best to close on time, to show the world that they mean 'Business'...If the lawyers have 'dotted all the i's and crossed all the t's in time, they Will sign on time...
Third, and what I find most interesting is: In the second paragraph, they state that: "While specific information on the acquisition will be made available when the transaction closes"...
That will be a "first" in an Acquisition PR from PBLS, in that they should actually tell us 'How Much' Cash, Restricted, and Preferred Shares this Acquisition cost them...We should also learn more about the "Audited Financials" for ProGasInc...
The release of this kind of information will bring a lot of attention to PBLS from a whole new crowd of Investors...IMO
http://biz.yahoo.com/bw/051115/20051115005469.html?.v=1
COVINGTON, La.--(BUSINESS WIRE)--Nov. 15, 2005--Phoenix Associates Land Syndicate (Pink Sheets: PBLS - News) announced today that it has signed a binding letter of intent to purchase Covington, Louisiana based ProGas, Inc. The deal, which is expected to close on or before November 30, 2005, will add significant production and distribution capacity to Phoenix's energy business, as well as a mature and growing business portfolio complimentary to the company's existing Oil & Gas operations.
According to ProGas audited financial statements, the acquisition when closed, is expected to add in excess of $190,000,000 in annual revenues to Phoenix. While specific information on the acquisition will be made available when the transaction closes, the Company did release that transaction consideration will consist of a combination of cash, restricted and preferred shares.
ProGas, which also has offices in Houston, Texas, is a full service energy company that provides marketing responsive solutions to Energy producers and consumers, with services including energy supply management, natural gas and crude oil marketing, physical energy transportation (trucks, barges, pipelines), physical and financial risk management, administrative and regulatory consulting and a rapidly growing facilities financing division.
Paul Alonzo, CEO of Phoenix stated, "This acquisition embodies a strategic cornerstone in our ongoing efforts to attain critical mass in our energy operations and establish a sizable domestic footprint. The acquisition will not only add substantial free cash flows but also significant margin enhancement by acting as internal marketing agent for our existing Oil & Gas production operations." He continued, "I am particularly excited by the rapid growth of ProGas' facilities finance division. This business will give Phoenix a unique opportunity to help qualified producers grow their production and reserve base by taking a risk-mitigated ownership position in the physical asset of these businesses. The financing structure frees producers to focus their capital resources on core oil and gas producing activities while providing Phoenix with partial ownership, pre-agreed lease payouts and revenues over a designated time period."
PowerPole >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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