INTERNATIONAL AMERICAN TECHNOLOGIES, INC.
(OTCBB: "IMTG")
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
INTERNATIONAL AMERICAN TECHNOLOGIES, INC., A SUBSIDIARY OF AMERICAN INTERNATIONAL INDUSTRIES, INC. (OTCBB: AMIN) ANNOUNCES VISION'S CAPITAL INVESTMENT AND CIMMARON INTERNATIOAL BUSINESS
Houston / Kemah, Texas – April 17, 2007 International American Technologies, Inc. (OTCBB: IMTG) Mr. Gary Woerz, CEO and CFO, announced that on March 27, 2007, Vision Opportunity Master Fund, Ltd., exercised options to purchase additional stock in International American Technologies, Inc (IMTG). The net proceeds after commissions provided $678,938 to be made available to the Hammonds’ companies, IMTG’s wholly owned subsidiaries.
This latest infusion of funds will be used as working capital in support of a growing backlog in all three Hammonds’ subsidiaries. Hammonds recently purchased $240,000 in capital equipment including a CNC controlled plasma steel cutting system, a state-of-the-art painting facility, multiple material handling cranes throughout the production area, an automated production saw and a new mill for the machine shop. In addition to tools, Hammonds installed new compressed air systems and expanded plant lighting and power distribution to support additional welding and assembly stations. New production flow testing stands and hydrostatic test stations will be installed by the end of May. "Once installed and operational, these latest additions to our production capability will contribute dramatically to our capacity and efficiency," reported Carl Hammonds, President of the Hammonds’ companies.
Hammonds will host international customers visiting the Houston plant to witness first article testing of large fuel dispensing systems being furnished to installations in the UAE. Fabrication and assembly of the completed fuel systems will be produced in May. Cimmaron International Corporation will market the fuel systems internationally as part of the exclusive agreement between Hammonds and Cimmaron. Hammonds is projecting revenues of $5,184,000 for these completed systems over the next 18 months. Production is complete on the first installment of injectors for the project totaling $576,000.
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