Phoenix Associates Announces Major Additions

Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced a number of major additions to its mining, oil & gas, aviation division, and the sale of its two pool companies.

Paul Alonzo, President and CEO of Phoenix, stated, "For the past three months, Phoenix has been working with and is now partnering with two groups that are located in Florida, Ohio & New York. One of the groups has been in mining for over a hundred years and is one of the largest mining companies in the world. The second group was a leading player in the waste management business in the New York area and now has interests in mining and trucking in the northeastern United States."

Mr. Alonzo added, "Together, with these two groups, our company is expanding its mining and trucking operations beyond its current gulf coast area and will be greatly expanding the capacity of its Murphy Sand and Gravel site in Pearl River, LA. Because of the high level of technical competence and experience in mining being brought into Phoenix by these groups, the Pearl River site will be mined much deeper than previously expected, therefore yielding vastly larger amounts of product than previously thought possible."

Products from the Murphy site, together with products from other sites outside the area that will be shipped in, will be vital to the ongoing reconstruction of the infrastructure levee systems and housing in the greater gulf coast areas of Mississippi and Louisiana.

Phoenix indicated that numerous mining deals that the company was incapable of acquiring on its own are now not only possible, but are now being completed.

The first series of new acquisitions are a group of strip coalmines in the southern U.S. These mines are currently in operation and profitable. These mines have huge deposits of coal (non-sulphur) and limestone, which is the sandwich material between coal veins. Phoenix will have these huge amounts of limestone shipped to sites in the gulf region for use in rebuilding projects.

Phoenix has begun purchasing crushed stone facilities to feed these products for processing into specific materials needed in building levees and concrete for roads, bridges and other construction work. The first of these purchases was Southern Concrete Crushing, as previously announced.

Mr. Alonzo added further, "Because of our new venture partners, certain contracts that were previously unavailable to Phoenix are now being made available to us. We are now expecting revenues and earnings from these operations to far exceed the current total revenues and earnings of the entire Phoenix group of companies as they are currently structured."

As part of the Company's agreement with its new venture partners, many companies they currently own will be placed into the Phoenix group of companies to allow growth and expansion far beyond the current abilities of Phoenix and far beyond the physical boundaries currently supplied by Phoenix.

Another area of Phoenix expansion with the new venture partners will be in bulk fuel sales (gasoline, diesel fuel -- both on road and off road, and possibly aviation bulk fuel). Phoenix is closing on its first bulk fuel storage facility acquisition next week, a facility located in southern Mississippi. Phoenix expects a very strong move into this market over the next few quarters.

Current fuel requirements for operation of equipment at the previously mentioned mining and crushing sites exceed $500,000 every two weeks. The Company expects to cut that cost by about one third by supplying its own fuel.

These mining and oil and fuel sales expansions are, by far, the largest undertakings in the history of Phoenix Associates Land Syndicate and are far larger in both assets, net worth and revenues than the entire current Phoenix group of companies.

Another area of expansion will be in off shore investment banking. Phoenix is currently expecting to acquire an offshore trust company and two more offshore banks to add to its first acquisition of the trading platform, investment bank and managed insurance company in the Caribbean that was announced recently.

The Phoenix Aviation Group of Companies (Best Jets) will be adding charter operations out of south Florida in the immediate future, with many other exciting announcements to soon come out of the aviation division.

The Phoenix Construction division expects to sell its two Michigan pool companies in an equity transaction to a public company that is focused on the backyard leisure market. As a part of this move, Phoenix acquisition personnel will assist in expansion of the public company and Phoenix will participate in the growth of that public company via a significant equity position. As more specific information is available it will be announced to Phoenix shareholders.

On the financial side, Phoenix is building a new facility to house its accounting department. This attractive building is located next to the Phoenix main office in Madisonville, LA. Because of the vast expansion of the Company previously mentioned, Phoenix is in the process of hiring approximately ten more people in its accounting area and current office space is far too small. The current accounting offices will be taken over by fuel sales and administration personnel from our bulk fuel and oil division.