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[QUOTE]Originally posted by JohnnyRotten: [QB] Where does it say they have 300 + million preferred shares issued? All I saw was the change in PS authorized up to 250 million. [QUOTE] COVINGTON, LA - June 20, 2006 - Phoenix Associates Land Syndicate (Phoenix) (Other OTC: PBLS) today announced that it filed a corporation action with the Nevada Secretary of State on June 15, 2006 to increase its authorized shares of common stock from 997 million shares to 1,750 million; and to increase its authorized shares of preferred stock from 3 million to 250 million. The Company explained that the driving reason behind this corporate action to increase its authorized shares is the fact that the company was getting low on the number of unissued preferred shares, and since it uses preferred for acquisitions and has certain potential acquisitions in view, leadership felt that they needed to take timely action to increase the authorized preferred shares. Phoenix already had a formal resolution in the corporate records, from a few years earlier, that had authorized the increase of its preferred shares from 3 million to 250 million and its common shares from 997 million to 1,750 million, and this resolution was already on the books of the company, but had not yet been implemented. The Company indicated that it could still implement this already approved corporate action at this time without the long delays of calling a special meeting of shareholders, a process that would typically have taken 60 to 75 days... or more. [/QUOTE] [/QB][/QUOTE]
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