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Beacon Equity Research reports on the OTC and OTCBB Trade Leaders: Phoenix India (OTCBB: PXIAW), Northcore Technologies Inc. (OTCBB: NTLNF), American Soil Technologies, Inc. (OTCBB: SOYL), Royalite Petroleum Company Inc. (OTCBB: RYPE) and Sky Petroleum, Inc. (OTCBB: SKPI) for October 5, 2007.

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M2 PRESSWIRE-8 October 2007-BeaconEquityResearch.com: Beacon Equity Research reports on the OTC and OTCBB Trade Leaders: Phoenix India (OTCBB: PXIAW), Northcore Technologies Inc. (OTCBB: NTLNF), American Soil Technologies, Inc. (OTCBB: SOYL), Royalite Petroleum Company Inc. (OTCBB: RYPE) and Sky Petroleum, Inc. (OTCBB: SKPI) for October 5, 2007.(C)1994-2007 M2 COMMUNICATIONS LTD

RDATE:05102007

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Phoenix India WTS11 (OTCBB: PXIAW) Up 66.67% in morning trading

Detailed quote: http://beaconequityresearch.com/PXIAW

October 4, 2007 - Phoenix India Acquisition Corp. Announces Letter of Intent to Acquire Source Global LLC

Phoenix India Acquisition Corp. (OTCBB: PXIA, PXIAU, PXIAW) ("Phoenix") recently announced that it has entered in an exclusive non-binding letter of intent with Source Global LLC, a Delaware limited liability company formed specifically to complete proposed acquisitions from principally two sellers of companies based in India and the U.S. (collectively "the Companies"), subject to the terms and conditions of a definitive purchase agreement to be entered into by the parties (the "Definitive Agreement") on or before October 31, 2007.

The Companies are all engaged in the business of providing IT outsourcing solutions from strategy consulting to implementation and maintenance across a range of vertical domains such as life sciences, healthcare, workforce and supply chain management, manufacturing and financial services. Phoenix believes that the Companies have marquee clients in each of the verticals, and are gradually instituting products as a complement to its services. The Companies collectively have more than 730 employees across the U.S., India, Canada and Mexico.

The total purchase price of the Companies is $46,250,000, approximately $8.3 million of which will be paid in the form of shares of Phoenix's common stock. For the year ending December 31, 2007, the Companies are anticipating approximately $60,800,000 in collective revenues and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") of approximately $6,390,000. For 2008, the Companies are anticipating approximately $78,000,000...