Mr. Zahir Teja, President and CEO of Phoenix, stated: "We've continued our rapid revenue growth; for the nine months sales reached $2,733,970 which is 62% more than the same period in 2008. In addition we had our best quarter so far -- reaching $1,155,596 in revenues and turning to a profit of $32,112. Our backlog at September 2009 was at $7 Million."

For the nine months ended September, 2009, revenues increased 62% to $2,733,970, as compared to $1,678,843 for the same period in 2008. Net loss amounted to $175,289 for the nine months ended September 30, 2009, as compared to a net income of $461,689 for the same period in 2008; the 2008 income was primarily due to a non-recurring recovery of a contingency in the amount of $566,154. For the three months ended September 30, 2009, revenues increased by 55% to $1,155,596 as compared to $746,137 in the three months ended September 30, 2008. Net income amounted to $32,112 for the three months ended September 30, 2009, compared to a net loss of $25,814, in the same period for 2008.

Commenting on the financial results, Mr. Zahir Teja stated: "Our pace of growth and backlog, coupled with the groundwork we have laid for future orders, positions us for continued improvement in our financial results."

Mr. Zahir Teja stated: "The US Air Force Contract of $2.4 Million ($5.3M when you include all the options for additional units) for the design and manufacturing of new generation Aircraft Engine Trailers, positions us as a significant supplier in the solid ground support equipment market. We believe that these achievements will ultimately lead to millions of dollars in additional orders."

About Phoenix International Ventures, Inc.

Phoenix International Ventures, Inc. of Carson City, Nevada, was established in order to acquire and develop business in the defense and aerospace market. In January 2007, the company acquired 100% of Phoenix Aerospace Inc., which specializes in Design, Engineering, Manufacturing, Re-manufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Forward-looking information is subject to risk and uncertainty. Certain statements in this Press Release may contain forward-looking information that involves risk and uncertainty, including but not limited to, the Company's ability to fund ongoing operations and to complete its obligations under the government and/or customer contract and its other ongoing commitments. Future results and trends depend on a variety of factors, including the Company's successful execution of internal performance plans; product development and performance; government bid and funding availability uncertainty; other regulatory uncertainties; performance issues with key suppliers and subcontractors; and the ability to adequately finance operations including meeting its debt obligations, fund manufacturing and delivery of products.

Contact:
Neev Nissenson
Email Contact

SOURCE: Phoenix International Ventures

A service of YellowBrix, Inc.