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[QUOTE]Originally posted by 10of13: [QB] June 14, 2007 - 9:30 AM EDT Phoenix Associates Releases 2006 & 2005 Financial Results More Complete Financial Disclosures to Be Filed With Pink Sheets by June 15, 2006 Will Enable Shareholders and Potential Investors to More Readily Evaluate Phoenix as an Investment Worthy Company; Phoenix to Be Categorized as "Current Information" Provider by Pink Sheets Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced that the Company intends to file its financial full disclosure documents with Pink Sheets by June 15th so as to be in compliance with requirements to be categorized as a "Current Information" provider under the new Pink Sheets categorization system. Paul Alonzo, President and CEO of Phoenix, stated, "I am very pleased to release the much requested financials for 2006 and 2005 at this time. Every effort has been made by our accounting staff and our SEC attorney to be sure to properly and accurately present the financials of PBLS for '06 and '05." Mr. Alonzo added, "These financials will point out to shareholders what has been accomplished by our company since the end of 2004, when our revenues were just under $500 thousand for the entire year." Mr. Alonzo commented further, "The filing of our financial disclosure documents with Pink Sheets is ready. Phoenix has completed its application with Pink Sheets and paid the appropriate fees, and intends to electronically transfer its financial disclosure documents for posting on Pink Sheets on Friday, June 15th. Once transmitted to Pink Sheets, we expect these disclosure documents to be posted for investor availability on a timely basis." Phoenix indicated that once this financial disclosure process is completed via the Pink Sheets, the Company will become focused on the release of news within the next week or so related to a number of acquisitions that have not as yet been announced. The financial information provided below is a summary of the more complete disclosures that are included in the documents to be filed for disclosure via the Pink Sheets on June 15, 2006. Phoenix Associates Land Syndicate, Inc. Consolidated Balance Sheet - Pre-Audit -------------------------------------- December 31, 2006 and 2005 2006 2005 ----------- ----------- ASSETS Current Assets Cash and Cash Equivalents 9,202,005 6,646,963 Accounts Receivable - Net 4,496,621 1,273,181 Inventories 13,041,050 9,525,500 ----------- ----------- Total Current Assets 26,739,676 17,445,644 Other Assets Investment 18,250,088 9,633,375 Prepaid Expenses 282,047 102,296 Goodwill 13,232,540 9,632,540 Oil Reserves 0 0 Land Leases 1,402,840 1,401,265 ----------- ----------- Total Other Assets 33,167,515 20,769,476 Fixed Assets Buildings 728,000 728,000 Land 225,000 225,000 Real Estate Holdings 11,002,642 0 Building Improvements 412,268 25,275 Machinery & Equipment 9,397,825 2,309,398 Furniture & Fixtures 177,065 157,965 Leasehold Improvements 18,549,000 15,885,990 Mineral Reserves 47,550,000 47,550,000 Vehicles 275,531 275,531 Less: Accum Depletion (16,015,635) (13,314,000) Less: Accum Depreciation (6,780,821) (3,584,267) ----------- ----------- Total Fixed Assets - Net 65,520,875 50,258,892 TOTAL ASSETS 125,428,066 88,474,012 =========== =========== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities 28,543,162 6,519,938 Long Term Liabilities 4,107,000 2,343,842 Shareholders' Equity Stock & Paid in Capital 84,113,032 79,610,390 Unrealized Market Gain / (Loss) (14,441) Retained Earnings (158) (158) Income / (Loss) 8,679,471 ----------- ----------- 92,777,904 79,610,232 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 125,428,066 88,474,012 =========== =========== Phoenix Associates Land Syndicate, Inc. Consolidated Statement of Revenue and Expense - Pre-Audit --------------------------------------------------------- For Year Ended December 31, 2006 2006 ----------- Revenue 178,143,101 Cost of Goods Sold 159,605,335 ----------- Gross Profit 18,537,766 Operating Expenses 11,160,096 Operating Profit / (Loss) before 7,377,670 Depr, Amort, Depl, Interest & Tax Depr, Amort, Depl, Interest & Tax 5,898,199 Other Income / (Expenses) 7,200,000 Income / (Loss) Pre Tax 8,679,471 =========== Phoenix Associates Land Syndicate, Inc. Consolidated Statement of Revenue and Expense - Pre-Audit --------------------------------------------------------- For Year Ended December 31, 2005 2005 ----------- Revenue 165,971,862 Costs and Expenses Operation Costs 156,771,118 General and Administrative 2,735,642 ----------- Total Costs and Expenses 159,506,760 EBITDA 6,465,102 =========== About Phoenix Associates Land Syndicate Phoenix Associates Land Syndicate (PINKSHEETS: PBLS) is a public holding company, with thousands of stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries. For more information, visit [URL=http://www.pbls.biz]www.pbls.biz[/URL] Forward-Looking Statements [/QB][/QUOTE]
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