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AMERICAN PHOENIX GROUP, INC. CLARIFIES RECENT LOAN PORTFOLIO ACQUISITION

WASHINGTON, March 8 /PRNewswire/ -- American Phoenix Group, Inc. (OTC Bulletin Board: APHX) (the "Company"), as a result of a presentation to Wall Street Brokers and other interested parties held in New York through Sunday, March 3, 1996, then subsequently through today, clarified questions arising from its press release of February 27, 1996 which described the Company's recent acquisition of Loan Contracts (the "Portofolio") from P.R. Finance and Investment Ltd., valued at approximately $US9,600,000.00 involving the issuance of 4,130,000 Class "C" preferred, convertible, redeemable shares.

With regard to the most commonly asked questions, American Phoenix's Chairman and President, Mr. Wallace N. Seward, stated:

1. After the Company had acquired the Portfolio, negotiations commenced with a major institution to hypothecate the Portfolio for cash at a discount from its face value.

2. The collateral proposed includes (a) assignment of the full Portfolio at par discounted by an acceptable amount and (b) common stock subject to Rule 144 or Preferred "C" shares.

3. When the Portfolio, which is self-liquidating, has retired the debt, then the stock required for collateral will be converted to equity through a private placement agreement with P.R. Finance and Investment Ltd. at a price of $US0.50 per common share, reflecting market conditions as of 29 February 1996.

4. The Portfolio yields approximately $US1,100,000 annually which will be treated as interest income by the Company. The Company will also incur interest expense estimated to be between 70% and 80% of the booked interest income.

In an unrelated matter, Mr. Seward stated that the Company had sold ten (10%) percent of Marine Turbine Australia Pty Ltd in which it held one hundred (100%) percent, for approximately $US750,000.
 -0- 3/8/96


/CONTACT: A. Hafeez Ahmed, Assistant to the President, American Phoenix Group, Inc., 202-785-2711/

(APHX)

CO: American Phoenix Group, Inc.; Loan Contracts; P.R. Finance and

Investment Ltd.; Marine Turbine Australia Pty Ltd ST: Florida, District of Columbia IN: FIN SU: TNM

RK-CM -- FLF012 -- 1631 03/08/96 13:38 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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