Phoenix Associates Releases Unaudited Balance Sheet for Year Ended December 31, 2004
COVINGTON, LA, Aug 03, 2005 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS) today announced that Dennis Kowalski of Kowalski & Associates has completed an initial review of the Company's Balance Sheet for the period ended December 31, 2004. This balance sheet, while unaudited, represents that the total stockholders equity (net worth) of Phoenix is about $39.7 million. Mr. Kowalski's firm has been contracted to audit 2003, 2004, and 2005 and will work in conjunction with the law firm of Dickinson/Wright to help make Phoenix a fully reporting company by mid to late 2006. As indicated by Mr. Kowalski, this unaudited compilation consists of presenting, in the form of financial statements, information that is provided by and is the representation of management. He has not audited the accompanying financial statement and, accordingly he does not express an opinion or any other form of assurance regarding the statement. It is management's intent that a full audit be performed for the years ended December 31, 2003, December 31, 2004 and December 31, 2005. It is anticipated that the audits for the years 2003, 2004 and 2005 will begin in the fourth quarter of 2005. Management does not anticipate material changes as a result of the upcoming audit.
Mr. Kowalski indicated that management elected to omit at this time, with the exception of those listed below, all disclosures and accompanying footnotes, until such time as the audits are performed. As a result, the attached unaudited balance sheet for the year ended December 31, 2004 is not designed for those who are not informed about such matters.
* Land access: consists of a rights agreement initiated on August 29, 1997, including (5) five-year renewals into 2023.
* Depletable property: a percentage of proven mineral reserves totaling $266,000,000.
Paul Alonzo, CEO of Phoenix, stated, "I have made the decision to release this preliminary balance sheet information in the spirit of providing as much information to our investors as can reasonably be made available on a timely basis, as we prepare for the full audit of our financials, and work toward Phoenix becoming a fully reporting company. We are pleased that this preliminary information provides an indication to our shareholders that Phoenix has a net worth of about $39.7 million, based on what we believe to be conservative estimates of the full value of our mineral rights."
Phoenix Associates Land Syndicate Consolidated Balance Sheet (Unaudited) As of December 31, 2004 Assets Current Assets: Cash and cash equivalents 60,676 Accounts receivable 83,000 Inventories 9,500,000 --------------------- Total current assets 9,643,676 Fixed assets: Property, plant & equipment 1,918,300 Accumulated depreciation (455,490) Land access * 850,000 Accumulated depreciation (238,000) Depletable property * 26,000,000 Accumulated depletion (6,240,000) Leasehold improvements 18,527,500 Accumulated depreciation (4,323,083) --------------------- Total fixed assets 36,039,227 Other assets: Prepaid expenses 0 --------------------- Total other assets 0 Total assets 45,682,903 ===================== Liabilities and Stockholders' Equity Current liabilities: Accounts payable 6,382 Current portion of long term debt 0 Other current liabilities 741,467 Other accrued expenses 7,425 --------------------- Total current liabilities 755,274 Non-current liabilities Note payable - stockholder 378,176 Interest payable 30,765 Other non-current liabilities 4,859,382 --------------------- Total non-current liabilities 5,268,323 Stockholders' equity Preferred stock - affiliates 5,045,000 Common stock, .01 par value, 214,402,969 shares issued at December 31, 2004 2,144,030 Paid - in - capital 33,327,719 Retained earnings (857,443) --------------------- Total stockholders' equity 39,659,306 Total liabilities and stockholders' equity 45,682,903 =====================
PBLS -- Phoenix Associates Land Syndicate Com ($0.001)
Address: P.O. Box 1358 Covington, LA 70458-1358 USA
Phoenix Associate Land Syndicate, Inc. is a holding company with assets in sand & gravel, soil products, land development, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries. Its stock is traded publicly on the Pink Sheets Bulletin Board under the symbol: PBLS.
Current Operating Business Units are:
Mining Division Murphy Sand & Gravel D.B.I.
Construction Division Heaslip Construction Ann Arbor Pools Great Lakes Pool Plastering California Plumbing
Trucking Division Bayou State Trucking
Acquisitions/Business Development Brazilian Land Sale Indigo (Lazy Day Market and Mud Room) Log Home Manufacturing
The Phoenix corporate core philosophy is to acquire companies that: Have unrealized profit potential and are willing and eager to work within the Phoenix "family" to improve their company's performance.
Are motivated and need business guidance and/or financial assistance in order to succeed.
Have owners that wish to divest of a company for retirement and/or other personal issues.
To properly develop and consistently grow as a holding company, other companies such as those described will be added through continued acquisition. This effort will result in an increase in positive cash flow by tapping the sales potential inherent in the newly acquired companies and their assets. As PBLS moves its growth strategy forward, its gross revenue, earnings per share (EPS) and shareholder value will be driven markedly higher, increasing shareholder value.
-------------------- Lil,
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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posted
Man what a day... I also grabbed a couple hundred K shares here...
Anyone read the last PR this morning?
Phoenix Associates Releases Unaudited Balance Sheet for Year Ended December 31, 2004
A clip for the PR:
Stockholders' equity Preferred stock - affiliates 5,045,000 Common stock, .01 par value, 214,402,969 shares issued at December 31, 2004 2,144,030 Paid - in - capital 33,327,719 Retained earnings (857,443) --------------------- Total stockholders' equity 39,659,306
Do the math.....
39.7 Mill divided by 214 mill..... equals .185 pps
-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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posted
Things are lookin' great. Keep in mind that the all-time record daily volume is around 19 million. We're already at 6 million volume and it's still the morning!
Posts: 415 | Registered: May 2005
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posted
MM's are keeping the spread apart to slow it down...
They are matching buys to sells.. meaning they don't have extra shares to give away!
Once they tighten up the spread, it will go!
-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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quote:Originally posted by FatherOfTwo: Phoenix Associates Releases Unaudited Balance Sheet for Year Ended December 31, 2004
A clip from the PR:
Stockholders' equity Preferred stock - affiliates 5,045,000 Common stock, .01 par value, 214,402,969 shares issued at December 31, 2004 2,144,030 Paid - in - capital 33,327,719 Retained earnings (857,443) --------------------- Total stockholders' equity 39,659,306
Do the math.....
39.7 Mill divided by 214 mill..... equals .185 pps
I went back and re-read the PR...I can not believe I am reading this!
Hell... we could buy the entire float for around 1 million at the current pps and yet it is worth $39.7 million!
This one is a no-brainer!
-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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MACD crossed and is heading back up! Stochs crossed and diverging positive Willimas %R crossed out of oversold and passed the 50 mark Wilders DMI crossed (Green on top of Red) .005 is the 20dma (resistance), so if it breaks that, it should soar!
-------------------- A good friend will bail you out of Jail. A great friend will be sitting next to you saying... Damn that was fun! :) Posts: 3353 | Registered: Nov 2004
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posted
Thoughts about tomorrow/rest of the week with this one? I thought there'd be more volume today, but it dried up in the afternoon.
Posts: 415 | Registered: May 2005
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posted
It did quite well.....The volume was good (More than 4 times its 10 day) and the pps moved nicely...can't make 25% in the bank with your money in one day!
Should be a good week for this one.....Great news. Not bad for a stock that has never even had a thread on here. It's getting the attention it deserves.
Good luck all.
Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004
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posted
What do you guys make of this news and how do you think it will affect this stock in the short-term?
Phoenix Announces a Stock Buy Back
COVINGTON, LA, Aug 04, 2005 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS) today announced that it has set aside certain funds to re-purchase and place into its treasury an unlimited number of stock certificates that are either currently free trading and/or restricted. This stock buy-back is the first of many as planned by the Phoenix Board of Directors. Phoenix hereby offers to purchase your shares based on the following:
1. PBLS will pay $.004 per share for your stock. 2. Send your stock certificate via certified - return receipt requested mail to: P.O.Box 1358 Covington, Louisiana 70434-1358 3. With your certificate send a letter, in your own words, stating that you are selling the stock back to Phoenix for $0.004 per share and that you request your payment on same within thirty (30) days. 4. Sign the back of your certificate as the seller along with your letter. 5. Phoenix will handle the ensuing paperwork and pay you for your stock within thirty (30) days of the receipt of your letter and your signed certificate.
Forward-Looking Statements This press release contains statements that are "forward looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
posted
Some buys at .005 so far this morning. I guess the news has created a "bottom" for this stock at .004, so there is less risk for investors. Any thoughts?
Posts: 415 | Registered: May 2005
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