FOR IMMEDIATE RELEASE AMERICAN INTERNATIONAL INDUSTRIES, INC.
www.americanii.com
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Contact: Porter, LeVay & Rose, Inc.
▪ Andrew Berlin, VP - Investor Relations ▪ Jeffrey Myhre, VP - EditorialSeven Penn Plaza
▪ New York, NY 10001 ▪ 212-564-4700 ▪ FAX 212-244-3075 ▪ www.plrinvest.com ▪ plrmail@plrinvest.comAMERICAN INTERNATIONAL INDUSTRIES, INC. APPROVES
STOCK REPURCHASE PROGRAM
Kemah, Texas – January 17, 2007 American International Industries, Inc. (OTCBB: AMIN) today announced that its Board of Directors has approved a stock repurchase program, effective January 12, 2007. Under the program, American International Industries, Inc. is authorized to repurchase up to $3 million of its outstanding shares of common stock from time to time over the next three years, depending on market conditions, share price and other factors. The Board of Directors believes that the price of the Company’s common stock is presently undervalued.
The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time.
"This stock repurchase program demonstrates the confidence we have in our Company and shows our commitment to deliver long-term shareholder value," said Daniel Dror, Chairman and Chief Executive Officer of the Company. "The cash productivity of our business model enables us to actively invest cash in areas that we believe will drive future value for shareholders, such as stock repurchases."
The stock repurchase program will be funded using the Company's working capital. As of December 31, 2006, the Company had liquidity in excess of $12 million.
As of January 12, 2007, the Company had approximately 5,400,000 common shares outstanding.
In May 2002, the Company’s board authorized a similar repurchase of common shares, which resulted in the buyback of fewer than 10,000 shares.
About American International Industries, Inc.
American International Industries, Inc. is a holding company. The Company has holdings in Industry, Finance, and Oil & Gas. In addition, the Company has a 300 acre holding in Real Estate in the Houston, Texas area that is under contract for sale for $16 million. 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 increase revenues and improve 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 strength in the oil and gas sector as a whole, continued acceptance of products and services offered by the Company’s subsidiaries, 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.