AMERICAN INTERNATIONAL INDUSTRIES, INC.
(OTCBB: "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 ANNOUNCES Update on
Sale of 287 Acres Waterfront Property
in Galveston County, Texas
Kemah & Houston, Texas – April 2, 2007 American International Industries, Inc. (OTCBB: AMIN) today announced an update of the previously issued press release regarding the sale of 287 acres waterfront property in Galveston County, Texas for $16,000,000 in cash. Todd Land Company, through its subsidiary, Westfield Forest, L.P., is in the process of development planning for the 287 acres, which plan includes a large commercial marina, 160 waterfront lots, town home development, boardwalk restaurants, a pavilion, hotel and amphitheater. The completion of the sale of the property is subject to certain conditions including obtaining certain permits from City of Texas City, US Army Corps of Engineers, among other permits. The Company has been carrying this property on its books at its historic cost basis of $225,000. The Company has in excess of $10,000,000 in tax loss carry forward, which will be used to substantially reduce the Company’s taxable income from the sale. Upon closing of the sale of the property the Company cash position will be approximately $26,000,000 or $5.00 per share.
Please refer to American International Industries, Inc. website, www.americanii.com, under "Company News" to view preliminary plans of the described development.
American International Industries, Inc. is a holding company. The Company has holdings in Industry, Finance, 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