Delta Seaboard International, Inc.
601 CIEN RD, STE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508www.americanii.com email: email@example.com
delta seaboard international, inc.,
A subsidiary of american international industries, Inc.,
Announces the CONVERSION of all outstanding preferred sTOCK inTO COMMON STOCK AND THE WAIVER OF PREFERRED STOCK DIVIDENDS
Houston & Kemah, Texas – February 23, 2012Delta Seaboard International, Inc., OTCBB: HMDI ("Delta"), a subsidiary of American International Industries, Inc., OTCBB : AMIN ("American"), today announced that Delta has completed the agreement with Vision Opportunity Master Fund, Ltd. ("VOMF") pursuant to which VOMF will convert 3,769,626 shares of Delta’s preferred stock, constituting all of Delta’s outstanding preferred stock, into 3,769,626 shares Delta’s common stock and waive all accrued stock dividends payable on the preferred stock.
Daniel Dror, Chairman and CEO of American and Delta, stated "This transaction will increase Delta’s and American’s Stockholders’ Equity by approximately $1.1 million, which will be reflected in the first quarter 2012 financials of both companies."
Delta Seaboard International, Inc.’s wholly-owned subsidiary, Delta Seaboard Well Service, Inc., is engaged in the business of providing a broad range of products and services that are used by oil companies and independent oil and natural gas companies operating in South and East Texas, the Gulf Coast markets and in Louisiana. Delta's services include work-over services, well-completion and recompletion services, and plugging and abandonment.
American International Industries, Inc. is a diversified holding company of subsidiaries with interests in the automotive and consumer retail industry, real estate, oil well site supply and services, intellectual property, and the acquisition of petroleum resources in the United States, coupled with international exploration. The vision of the Company is to expand its interests in the energy sector through the acquisition of existing businesses, and apply its financial resources and management expertise to improve each subsidiary’s revenues, operations and profitability.
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This press release may contain forward-looking statements, including information about management’s view of the Company’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are 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, among others:, continued value of our real estate portfolio; the strength of the real estate market in Houston, Texas as a whole; the ability to expand its interests in the energy sector; increased levels of competition; the dependence upon financing, the rules of regulatory authorities and risks associated with any potential acquisitions. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
Investor Relations: Rebekah Ruthstrom at Tel: 281-334-9479 or email:firstname.lastname@example.org