Phoenix Associates Acquires Best Jets Group of Companies
10:25 AM ET Aug 23, 2006
NEW ORLEANS, LA, Aug 23, 2006 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced that it completed the acquisition of the Best Jets Group of Companies effective August 17th, 2006.
The Best Jets Group of Companies includes the following: Best AeroNet, Ltd., Best Jets, Ltd., Best Jet Parts, Ltd., Best AeroNet Aviation, Ltd, Jet Makers, LLC, Peaks Aviation Services, LLC, Butterfly Cove Holdings, LLC, Artist Air Ltd, and Pillar, LC.
Phoenix indicated that the acquired companies listed above are being reconfigured into the following "C" Corporations.
-- Best AeroNet, Inc.
This company is a discount jet fuel supplier with over 600 fueling
locations in South, Central and North America.
-- Best Jets Engines, Inc.
This company will combine Best Jets, Ltd. and Best Jet Parts, Ltd.
Best Jet Engines, Inc. is a FAA certified jet engine repair station
which specializes in CJ610, CJ700, and J85 Jet Engines. Additionally,
Best Jet Engines also has one of the possibly largest privately owned
inventories of parts in the world for 20 series Lear Jets and the above
mentioned engines.
-- Best Jet Airframe Services, Inc. and Best Jet Sales and Management,
Inc.
The Airframe Services business provides maintenance repair, renovation,
CRS, FBO operation. (Lake Texoma Jet Center) The Sales and Management
business provides management, pilot/dispatch services, shared
ownership, and sales. These two companies are replacing Best AeroNet
Aviation, Ltd.
-- Jet Makers, Inc.
This company, formally known as Jet Maker, LLC, purchases aircraft for
remanufacture and resale.
The following companies are being dissolved with the assets being assigned to the emerging entities listed above: Peaks Aviation Services, Inc., Butterfly Cove Holdings, Inc., Artist Air, Ltd. and Pillar LC.
Terms of Acquisition for 80% ownership of the Best Jets Group of Companies is as follows: $4.5 million in cash, 3 million shares of restricted common stock, and stock options on 15 million shares of common stock vesting at the rate of 3 million shares per year for 5 years. The stock options are exercisable at a 50% discount from the 30 day average closing price per share prior to execution (vesting) date -- execution (vesting) dates to be on the 1st through 5th year anniversaries of the acquisition closing of the Best Jets Group of Companies. Additionally, the three owners have signed 5 year employment agreements with Phoenix.
The cash portion of the acquisition was paid through a combination of a cash payment and a five year note at 5.05 APR.
Paul Alonzo, President and CEO of Phoenix Associates, stated, "We are very excited about the addition of the Best Jets Group of Companies to the Phoenix organization. Phoenix will grow this group of businesses into major players in each of their individual fields." |
