Phoenix International Ventures (PIVN.OB) Awarded Order from U.S. Navy through Wholly Owned Subsidiary

By IBTimes Staff Reporter | May 13 2010 9:34 AM

Phoenix Aerospace Inc., a wholly owned subsidiary of Phoenix International Ventures, Inc., has been awarded a Basic Order Agreement to manufacture, repair, modify, or develop support equipment for both the U.S. Navy and U.S. Marine Corps. The order also includes Foreign Military Sales (FMS). The five year contract did not list specific dollar amounts, but does include six types of equipment as candidates to be purchased by the Navy. The contract also may be amended to include additional types of equipment to be purchased from Phoenix Aerospace continually for five years.

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Phoenix International recently disclosed revenues for the year ending 2009 in which they saw an increase of nearly 67% over the year ending 2008. Revenues for 2009 were at an all-time high of $3.7 million. Their backlog of orders for the year totaled $8.3 million. With regards to the revenues that will be generated by this new order, Phoenix International Ventures, Inc.’s CEO, Mr. Zahir Teja stated, “This order will allow us to supply the Navy with equipment that is manufactured solely by our company. We expect to begin seeing revenue from this agreement in the near term.”

Based in Carson City, NV, Phoenix International Ventures, Inc. operates through its subsidiary Phoenix Aerospace Inc. which manufactures, upgrades, and remanufactures electrical, hydraulic, and mechanical support equipment primarily for the United States Air Force and Navy, and the United States defense-aerospace industry. Phoenix Aerospace has steadily been increasing the number and magnitude of orders received from different branches of the United States military, department of defense and other major aerospace companies. More information on Phoenix Aerospace, Inc. can be learned from their website at www.phxaero.com.

PIVN is an extremely low outstanding shares/low float company with only 8.14 million shares issued and outstanding and 1.49 million shares in the float.