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Phoenix Associates Acquires Creston Aviation, Inc.

Acquisition of Creston Aviation Includes Its Affiliate Companies, Bimini Island Air and True North Aviation; Aircraft Fleet Includes Falcon 10, Lear 25 & 35, Astra Jet, Merlin, Gulfstream III, Metroliner, and SAAB 340; Based at Ft. Lauderdale Executive Airport

Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) (www.pbls.biz) today announced the acquisition of Creston Aviation (www.crestonaviation.com) and affiliates, Bimini Island Air (www.flybia.com) and True North Aviation, all operating out of Ft. Lauderdale Executive Airport, Ft. Lauderdale, Florida.

Paul Alonzo, President and CEO of Phoenix, stated, "We are very pleased to add Creston Aviation to the rapidly growing Phoenix Aviation Division. Creston entered the aircraft charter industry about twenty years ago with a mission to provide hassle free travel accommodations, aircraft sales and management programs to their customers with an emphasis on safety and customer service. They have clearly succeeded in their mission."

Mr. Alonzo added, "We welcome Mike O'Brien and his fine staff to the growing Phoenix family." He continued, "Based in South Florida, Creston Aviation and its affiliated companies have been providing aircraft charter services, aircraft sales and management programs for over twenty years worldwide, 24 hours a day, 365 days a year."

Creston Aviation provides travel accommodations with a wide selection of Lear, Falcon, Gulfstream and Astra corporate jets. In addition, through its affiliated company Bimini Island Air, Creston offers a fleet of turbo prop aircraft which include a Metroliner, Cessna Caravan, Merlin and Saab 340. This diverse fleet can accommodate 7 to 30 passengers, providing individuals and large corporations with a fast and cost effective method of conducting business worldwide.

Creston's Aircraft Sales expert people oversee the purchase of aircraft ensuring that the purchase goes smoothly and that the aircraft is delivered according to their clients' specifications.

The company's Charter Management Program gives aircraft owners the ability to off-set costs while maintaining their need to travel on demand in their own aircraft. This program utilizes all the resources Creston Aviation, such as providing aircraft owners with a personal flight coordination staff, aircraft maintenance, management services and charter sales to off-set ownership costs as well as a highly qualified staff of pilots.

Creston Aviation's aircraft are maintained under strict FAA regulations, and thoroughly inspected before each flight. Flight crews hold the highest licenses offered by the FAA, such as the ATP (Airline Transport Pilot) and First Class Medicals. Crew members receive bi-annual crew proficiency training in simulators and aircraft to maintain the highest level of safety and proficiency.

Additional services offered by Creston include: Worldwide hotel accommodations, special in-flight catering, limousine or car rental services, executive protection programs, in-flight entertainment (DVD & CD), 15" flat screens, and computer hookups on select aircraft.

All Creston's aircraft are operated by a sister company, True North Aviation, FAA Cert. # WG6A110W. The following aircraft are in the company's fleet.

            Aircrafts:                         Passengers:

            Falcon 10                              6
            Lear 35                                7
            Lear 25                                8
            Astra                                  8
            Merlin                                 9
            Cessna Caravan                         9
            Metroliner                             9
            Gulfstream III                        12
            SAAB 340                              30

Bimini Island Air, Inc., founded in January 1993, started with a Cessna 402B and today offers the most diverse aircraft fleet in the Caribbean, props to jets, providing world class service. Bimini's phones are manned 24 hours a day, 365 days a year. Its staff has over twenty years of experience in the aircraft industry, and can meet or answer any demands for travel a client may have from our full service dispatch facility.

True North Aviation is a Part 135 charter operation currently flying out of Ft. Lauderdale Executive Airport. Within 2-3 weeks Phoenix will add three Lear 25's to this charter fleet which will be based at Falcon Trust Air facilities on the Tamiami Airport in South Florida.

Mr. Alonzo stated,"The acquisition of Creston and its affiliates was an all stock transaction valued at approximately $10 million." He added, "With these strategic additions to our aviation division, we move Phoenix closer to our goal to serve the Central and South American aircraft and charter market. We are also considering acquisitions and possible affiliations that would take us to Europe and other markets which will add to the Phoenix plan of becoming a global aviation company."

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 www.pbls.biz

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