ST. PETERSBURG, Fla., Dec. 30/PRNewswire/ - Phoenix Information Systems Corp.
>(OTC Bulletin Board: PHXS) ("Phoenix" or the "Company") is pleased to
>announce that one of its major shareholders S-C Phoenix Partners ("S-C"), an
>investment partnership comprised of affiliates of Quantum Industrial
>Holdings, Ltd., George Soros and Purnendu Chatterjee, has purchased 833,333
>shares of Phoenix's Series C Convertible Preferred Stock ("Shares") for
>$15,000,000. Phoenix will use $7,500,000 of the proceeds to acquire an
>interest in American Aviation Limited, whose principal asset is a 25%
>interest in China Hainan Airlines. The balance of the proceeds will be used
>to fund the expansion of Phoenix's newly formed joint venture with China's
>largest airline, China Southern Airlines.
>
>Mr. Robert P. Gordon, Chairman or Phoenix, commented: "We are pleased that
>the Soros investor group has increased its investment in our company. This
>financing will enable Phoenix to rapidly implement its computerized travel
>reservation system in China, as well as give us a stake in China Hainan
>Airlines, one of China's fastest growing airlines."
>
>Phoenix Information Systems Corp. is an information systems and services
>company that has developed technologies to address the growing worldwide
>demand for automation in the travel and tourism industry. The Company's
>proprietary airline and hotel information and reservation systems are used by
>airlines, hotels, and other travel organizations, and are well suited for
>rapidly developing economic regions of the world. Phoenix's common stock is
>traded on the OTC Bulletin Board under the symbol PHXS. |
