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 AWARD OF $2.9 MILLION CONTRACT
BY A MAJOR ENERGY SERVICES COMPANY TO ITS WHOLLY-OWNED SUBSIDIARY,
SHUMATE ENERGY TECHNOLOGIES, INC.
Houston / Kemah, Texas – February 24, 2009
Mr. Daniel Dror, Chairman and CEO of American International Industries, Inc. (NasdaqCM: AMIN), announced today that its wholly-owned subsidiary, Shumate Energy Technologies, Inc. (SET), has been awarded a contract from a major energy services company for $2.9 million for products for 2009. Additionally, SET is negotiating similar agreements with this company, which are anticipated to be awarded in the near future. SET has a backlog of $4.4 million, which is expected to be delivered over the next ten months.Larry Shumate, President of SET, stated, "We expect to begin delivery during the second quarter of 2009. This contract award is the result of a long-standing business relationship with this energy services company, which we expect to continue in the future."
Shumate Energy Technologies, Inc., which operates out of a 30,000 square foot manufacturing facility located in Conroe, Texas, manufactures highly specialized equipment for energy industry customers, producing complex assemblies, including expandable tubing technology products that are used in field service operations for oil and gas exploration under extreme environmental conditions. SET manufactures large-diameter products and close tolerance machined parts that range up to thirty-four feet in length using state of the art, large part CNC equipment. To view SET’s products and for additional information about the company please visit SET’s website at www.shumateenergytechnologies.com.
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 acceptance of our products and services, continued growth in the energy sector, increased levels of competition, the dependence upon adequate financing, third party suppliers and the ability to hire and retain qualified management for its operating subsidiaries, and the regulatory environment in the segments in which we operate. 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