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 the sale of 8 acres in Houston, TeXas by its wholly-owned subsidiary, Nestle Products Corporation and ENTERING INTO A contract to sell an additional 34 acres
Houston / Kemah, Texas – April 1, 2010 Mr. Daniel Dror, Chairman and CEO of American International Industries, Inc. (NasdaqCM: AMIN), today announced the completion of the sale of 8 acres of land located on Airport Boulevard in Houston, Texas by its wholly-owned subsidiary, Nestle Products Corporation (Nestle), for $450,000 cash. Mr. Dror further announced that a contract has been entered into by and between Nestle and Continental Connections USA, LLC to sell the additional 34 acres on Airport Boulevard for $1,550,000 cash. The total of 42 acres owned by Nestle and another 36 acre property on Interstate 59 in Houston, Texas are carried on AMIN’s books at a $3.2 million cost to the company, which is net of a note payable to the bank.
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.
Forward-Looking Statement:
The matters discussed in this release contain forward-looking statements 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 at Tel: 281-334-9479 or email: amin@americanii.com