COVINGTON, La.--(BUSINESS WIRE)--Nov. 9, 2005-- Phoenix Associates Land Syndicate (Pink Sheets:PBLS) announced today that the company is initiating a systematic share repurchase program to retire up to 100 million shares of the company's common stock to treasury. Effective immediately the company will begin repurchasing shares through both open-market and selected private transactions in order to reduce the total number of outstanding free-trading and restricted company securities. Mr. Paul Alonzo, CEO of Phoenix, stated, "This initiative signifies the Company's commitment and unwavering focus to maximizing shareholder value. To date, we have been extremely reserved in share issuances and are now in the cash position to reward shareholders by actively repurchasing outstanding common stock to further propel the company's underlying fundamentals." He continued, "It is our plan to complete this stock repurchase in conjunction with the ongoing initiatives in place to facilitate fully-reporting status and an eventual exchange migration. We anticipate that we will be able to complete both initiatives by the end of the second quarter of next year."
About Phoenix Associates Land Syndicate
Phoenix Associates Land Syndicate, through its wholly-owned subsidiaries, is engaged in the natural resource development, commercial transportation, real estate development and diversified construction businesses. Current company assets include oil leasehold and drilling operations, sand and gravel quarry and mining operations, a contract hauling trucking fleet, diversified construction operations and land-development leaseholds. The Company is experiencing significant organic growth in each of these businesses and is aggressively acquiring synergistic businesses in order to rapidly build capacity.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Phoenix Associates Land Syndicate, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. FOR FURTHER INFORMATION, go to the Company's website at: http://www.pbls.biz, or contact: Mike Mulshine, Osprey Partners, (732) 233-3853, osprey57*optonline.net
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