There should be a simple solution to this. There is not.
Some here say vertical-align:text-bottom or just vertical-align:bottom. Like this:
<p style="background:#eee;font-size:1.3em;color:#022662;height:116px;">
<img width="174" height="216" src="#" style="vertical-align:bottom;margin-right:10px;">
<strong>Text 1</strong>, <br>
text 2, <br>
text 3
</p>
This works as you intend if you only have one line of text, since it's the first line of text that is aligned with the image. This is because <img /> is by default display:inline;. If you only have one line, go for it.
If you need a more robust solution, use positioning.
<p style="background:#eee;font-size:1.3em;color:#022662;height:116px;position:relative;">
<img width="174" height="216" src="#" style="margin-right:10px;">
<span style="position:absolute;bottom: 0;">
<strong>Text 1</strong>, <br>
text 2, <br>
text 3
</span>
</p>
This works in IE7 Standards mode, and IE8 Standards mode. Also in Firefox etc... Note that the left-position is left out, to just default to where it should be without position:absolute;
Due to the fact that hasLayout isn't true in Quirks mode in IE6, 7 and 8, the solution doesn't work either. You have to give it 'layout' by giving it a dimension with height or width, or just fall back to the old faithful zoom:1;
<p style="background:#eee;font-size:1.3em;color:#022662;height:116px;position:relative;zoom:1">
<img width="174" height="216" src="#" style="margin-right:10px;">
<span style="position:absolute;bottom: 0;">
<strong>Text 1</strong>, <br>
text 2, <br>
text 3
</span>
</p>
There you have it.