Published: May 12, 2005

Phoenix Associates Land Syndicate Announces the Acquisition of Great Lakes Pool Plastering

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Phoenix Associates Land Syndicate (Phoenix) (OTC BB: PBLS) is proud to announce the acquisition of Great Lakes Pool Plastering to its family of companies. Great Lakes, located in Sterling Heights, Michigan, is a solid addition to the Phoenix Construction Division and provides for additional and continuous growth of the pool construction companies. Phoenix's northern division of swimming pool companies (Ann Arbor and Great Lakes) operate in Michigan, Illinois, Indiana and Ohio, and has revenue of $2.2 million in total income.

Chairman of the Board, Paul Alonzo, states, "We view this acquisition of Great Lakes as an integral part of our expansion process. The company is currently seeking other merger and acquisitions opportunities to greater increase shareholder value."

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition and general business conditions when considering the wording used herein such as "anticipating," "participate," "contracts," and similar words and/or phrases.

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