Phoenix Associates Acquires Noble Jet

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Phoenix Associates Land Syndicate earlier this month announced it had acquired Noble Jet Inc., a jet aircraft maintenance facility based at the Fort Lauderdale (Fla.) Executive Airport (KFXE). The company said it acquired 80% of Noble Jet's common stock for $2.0 million, paid through a combination of cash payments and a 10-year note. Noble Kurth, Noble Jet's principal, will retain a 20% equity position in the company and will continue to manage its day-to-day operations as chief operating officer. Phoenix assumed overall executive control on Feb. 23, 2007. Noble Jet specializes in the Learjet family of aircraft, performing unscheduled repairs, routine maintenance, and major airframe inspections. Several air taxi operators rely on Noble Jet for direct support of their Learjet fleet.

Paul Alonzo, president and CEO of Phoenix Associates, stated, "We are very excited about the addition of Noble Jet to the Phoenix organization. Coupled with the Best Jets group of companies, Noble Jet will give us an existing book of business in the very active south Florida market." In conjunction with the Noble Jet acquisition, Phoenix announced hiring Jeff Hathorn to conduct marketing and sales efforts in the Southeast for the Best Jets family of companies. Hathorn holds an ATP certificate and has extensive experience in the military, air cargo, passenger airlines and corporate jet flight operations. Phoenix Associates Land Syndicate is a public holding company with assets and/or interests in construction and land development, oil and natural gas, commodity brokering and trucking.