Jan 04, 2006 (M2 PRESSWIRE via COMTEX) -- Market Gainer strives to find dynamic issues that are unknown but because of their technology, approach, executive team, recent discoveries or other key factors, could advance in the market. Now available, Market Gainer's very own in-site blog, see below for details. Market Gainer has identified the following company based on these criteria.
Phoenix Associates Land Syndicate (OTCPK:PBLS), 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.
Phoenix Associates is making moves in the market today up almost 9 percent with over 1.6 million shares traded this morning. The share price is currently positioned at $.025 which is an increase of $.002 in the early morning market session. Looking back at the last five days in the pink sheet market for Phoenix Associates, the facts show that there has been some consistent upward movement in share price. On December 28, 2005, the share price was hovering just above $.015. The share price has inched forward everyday since December 28th. In trading yesterday, the value of shares closed at $.023. The recent popularity of the stock amongst investors could be due to news that was released this morning by the Company.
Phoenix Associates Land Syndicate announced today that it has favorably settled a longstanding promissory note dispute that has been carried on Phoenix books as a disputed contingent liability for years. The settled notes were related to capital raised, in a partial funding, in the late 1990s for the purpose of developing its Murphy Sand & Gravel operations. According to the terms of the settlement agreement, Phoenix has paid Capital Growth Resources and Capital Growth Protection, Inc. a total of approximately $557,000 in cash and approximately 11,824,000 shares of Restricted Common stock to settle disputed claims on $2,350,000 (approximately $8,000,000 total savings with estimated interest) of outstanding promissory notes issued in connection with the aforementioned raised capital.
In commenting on the settlement, Paul Alonzo, CEO of Phoenix Associates Land Syndicate, stated, "We are delighted to have reached an agreement to remove a significant although disputed contingent liability from the Company's books. While the Company disputed the validity of these promissory notes for a number of years, we acted quickly when presented with the opportunity to bring closure to the issue. The settlement terms will help the company and its shareholders realize a net savings benefit of an estimated $8,000,000 plus over the face value of the notes."
Mr. Alonzo continued, "We continue to address potential business and operational hurdles like this while focusing on building our core businesses, both organically and through acquisitions, in order to build Phoenix into a world-class enterprise the shareholders can be proud of."
The final resolution of the issue regarding the disputed promissory notes can now free up the Company to move full steam ahead with its growth opportunities without the lingering concerns of the contingent liability being a thorn in the Company's shoe. Market Gainer will continue to follow the developments of Phoenix Associates over the next 90 days as it pushes forward in building its core businesses. Today's news may attract future investment to the Company in the coming months.
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Dont LOSE more than you can afford to invest....LOL
I'm buying low and selling into the run... Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004
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Press Release Source: Phoenix & Associates Land Syndicate
Phoenix Announces Vice President of Operations Thursday January 5, 2:15 pm ET
COVINGTON, LA--(MARKET WIRE)--Jan 5, 2006 -- Phoenix & Associates Land Syndicate (Other OTC:PBLS.PK - News) is pleased to announce the appointment of DENNIS J KOWALSKI to the position of VICE PRESIDENT - OPERATIONS, effective January 1st 2006; Mr. Kowalski will be responsible for the day to day affairs of all operating decisions within the Phoenix organization, including financial matters. Mr. Kowalski will report directly to Mr. Paul Alonzo, CEO. Mr. Kowalski has provided consulting services to the Phoenix companies in the past.
Also, the independent CPA firm of Mira & Kolena, Ltd has been retained to partner with Phoenix in completing the audit of consolidated financial statements. The Mira firm will also provide full audit and tax services in conjunction with Phoenix's efforts to move to full reporting status with the SEC.
Contact: Contact: Michael A. Muashine Osprey Partners 732-233-3853
-------------------------------------------------------------------------------- Source: Phoenix & Associates Land Syndicate
Posts: 1313 | From: Florida | Registered: Jun 2005
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