AMERICAN INTERNATIONAL INDUSTRIES, INC.
(NasdaqCM: "AMIN")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
www.americanii.com Email: amin@americanii.com
FOR IMMEDIATE RELEASE
AMERICAN INTERNATIONAL INDUSTRIES, INC. ANNOUNCES EXPANSION OF DELTA SEABOARD WELL SERVICE, INC., AND THE POTENTIAL PURCHASE AND DEVELOPMENT OF OIL AND GAS PROPERTIES BY BRENHAM OIL AND GAS
Houston / Kemah, Texas – January 14, 2008 American International Industries, Inc. (NasdaqCM: AMIN) Mr. Daniel Dror, Chairman and CEO, today announced that American International Industries’ oil and gas services subsidiary, Delta Seaboard Well Service, Inc., added two additional rigs to service the growing energy industry. The additional rigs will be utilized for Delta's customers operating along the Gulf Coast of Texas and South Louisiana area. This addition to our fleet of rigs will allow Delta to expand their current customer base and more rapidly fill Delta’s substantial backlog of orders.
In addition, AMIN, through its wholly-owned subsidiary, Brenham Oil and Gas, is seeking to enter into arrangements with third-party owners and potential partners with proven oil and gas reserves, but who lack the financial resources and/or the technical expertise possessed by AMIN’s oil and gas subsidiaries, to assist the third-party owners with the resources required to develop their oil and gas reserves.
Rob Derrick, Delta’s president, stated that "the high cost of energy and the dependence on foreign oil has had a significant adverse impact on the United States economy and many believe that the solution is for the United States to increase efforts to exploit its own oil and gas resources". Mr. Derrick further stated "that there are several thousands of oil wells that have ceased to operate and have been shut down but that are now economically viable due to the rise in the price of oil and the belief that the price of oil will continue to remain high for the foreseeable future".
To those ends, Mr. Daniel Dror, AMIN’s Chairman and CEO stated that "AMIN is engaged in negotiations with financial institutions for the purpose of financing potential acquisitions of existing oil and gas properties and reserves.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary’s access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Private Securities Litigation Reform Act Safe Harbor Statement:
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include without limitations, continued value of our real estate portfolio, the strength of the real estate market in Houston, Texas as a whole, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof.
Investor Relations: Rebekah Ruthstrom, Tel: 281-334-9479, Email: amin@americanii.com