CARSON CITY, NV -- (Marketwire) -- 08/16/10 -- Phoenix International Ventures, Inc. (OTCBB: PIVN) ("Phoenix" or "the Company"), an Aerospace Defense company, announced financial results for the six months ended June 30, 2010.

Zahir Teja, President and CEO of Phoenix, stated: "During the last two quarters our company focused among other things on the development and initial manufacturing of the new Engine Trailer for the U.S. Air Force and additional trailer related products. While executing these strategic contracts we have experienced higher than expected costs in the design and development phase. This has resulted in reduced gross margin as well as a onetime other loss of $122,000 due to the effect of the change in estimate on prior periods. We believe that in spite of the low margin during the development phase, this newly designed equipment for the U.S. Air Force will have a major contribution to the company's growth and future profitability. We plan to complete the first article testing in the near future. The orders announced today in this area position us as a significant supplier in the solid ground support equipment market. We believe that profitable orders for this equipment will start coming soon."

Mr. Teja added: "Concurrent with execution of the existing backlog, we made major efforts to gain additional purchase orders and to achieve strategic agreements to enhance our product line. As a result we are pleased to announce the receipt of a new $1M breakthrough contract from the U.S. Air Force that will be described in a separate press release. Following these developments, the company believes that it is in a position to explore financing to ensure healthy growth."

For the six months ended June 30, 2010 revenues increased 8% to $1,702,351 as compared to $1,578,375 for the same period in 2009. Net loss amounted to $466,731 for the six months ended June 30, 2010 as compared to a net loss of $210,416 for the same period in 2009. For the three months ended June 30, 2010 revenues decreased by 46% to $571,249 in comparison to $1,066,553 in the three months ended June 30, 2009 as restated. Net loss amounted to $162,354 for the three months ended June 30, 2010, compared to a net loss of $29,057, in the same period for 2009.

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. The company has acquired 100% of Phoenix Aerospace Inc. which specializes in manufacturing, remanufacturing and upgrading of Ground Support Equipment (GSE) which is primarily used to support military aircraft.

Certain statements in this news release by Phoenix International Ventures, Inc. are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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.