AMERICAN INTERNATIONAL INDUSTRIES, INC.
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
www.americanii.com email: firstname.lastname@example.org
REPORTS FIRST QUARTER INCREASE IN REVENUES OF 170%
Kemah, Texas –May 13, 2004 American International Industries, Inc. (OTCBB: AMIN) announces revenues of $2,861,084 for the first quarter, an increase of 170%, compared to the same period of 2003. This increase is a result of our acquisition of Delta Seaboard Well Service, Inc. We also significantly improved our operations by reducing the first quarter operating loss by 62% to $192,538, and expect that this improvement will continue during 2004.
Delta Seaboard, our majority owned oil and gas services subsidiary, reported record revenues and net income for the first quarter of 2004 and has 100% working capacity booked for the second and third quarters of 2004. Delta’s business is benefiting from the increased activities in the services and energy sectors due to the record oil and gas prices and has entered into an agreement to sell five of its non operating rigs owned by its Louisiana subsidiary.
Northeastern Plastics, a wholly owned subsidiary, has secured continuing contracts and new contracts and with seasonal increases will report growth in revenues and net income during the second half of 2004.
Daniel Dror, Chairman and CEO, stated “AMIN is presently negotiating for the sale of its real property in Galveston County, Texas, which sale would also significantly increase revenues and net income in 2004.”
For additional information please refer to our Form 10-QSB for the period ended March 31, 2004.
American International Industries, Inc. is a holding company that has holdings in Industry, Oil and Gas, Finance and Real Estate in Houston Texas and surrounding areas. 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 its subsidiaries, 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: email@example.com