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Microcap & Penny Stocks : Phoenix international industries inc. (PHXU) -- Ignore unavailable to you. Want to Upgrade?

To: Frank Gaal who wrote (45)	12/15/1998 2:52:00 PM
From: R Hamilton	Read Replies (1) \| Respond to of 56

Phoenix Acquires Control Of Navigator In One Of The Largest Acquisitions Made By A Bulletin Board Company WEST PALM BEACH, Fla., Dec. 15 /PRNewswire/ -- Phoenix International Industries Inc. (OTC Bulletin Board: PHXU) ("Phoenix") announced today it has purchased 58% of Navigator Gas Transport, PLC, (Navigator"). Navigator completed a $304 million bond offering managed by Credit Suisse First Boston in August 1997 and has an additional $50 million letter of credit available. Navigator is in the business of providing worldwide transportation services of liquefied petroleum and petrochemical gases. This acquisition will enable Phoenix to meet NASDAQ listing criteria. Revenues for Navigator are anticipated to be in excess of $57 million within 2 years and $79 million in 2001, the first full year of operation, with an EBITDA projected to be $48 million. The Navigator fleet consists of five state-of-the-art 22,000 cbm semi- refrigerated ethylene-capable vessels currently being built by Jiangnan Shipyard, a leading builder of sophisticated gas carriers located in the Peoples Republic of China. The first vessel is scheduled for delivery August 1999, and the entire fleet to be delivered by September 2000. Projection of future profits are based upon demand for the Company's products and/or services, and may contain or constitute forward-looking statements subject to certain risks and uncertainties that may cause actual results to differ materially from those anticipated in such forward-looking statements. SOURCE Phoenix International Industries Inc. CO: Phoenix International Industries Inc.; Navigator Gas Transport, PLC ST: Florida IN: OIL SU: TNM 12/15/98 14:33 EST prnewswire.com