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: aiii@wt.net
FOR IMMEDIATE RELEASE
AMERICAN INTERNATIONAL INDUSTRIES, INC. SIGNS DEFINITIVE AGREEMENT WITH SURGICARE, INC TO REDEEM OR CONVERT $4,500,000 OF
SERIES AA REDEEMABLE PREFERRED STOCK
Kemah, Texas – June 25, 2004 American International Industries, Inc. (OTCBB: AMIN) and SurgiCare, Inc. (AMEX: SRG) have signed a definitive agreement for the redemption or conversion by SRG and payment in full to AMIN of the $4,500,000 Series AA Redeemable Preferred Stock held by AMIN. As consideration, AMIN is to be issued 8,750,000 shares of SRG common stock. As additional consideration, SRG will transfer to AMIN all of its five Real Estate properties owned by SRG, subject to mortgages and related liabilities of approximately $1,300,000. These properties were previously purchased by SRG in June 2002 for a consideration of $6,000,000. The closing of this transaction will take place on or before July 30, 2004. AMIN was advised by SRG that issuance of the 8,750,000 shares requires approval of the AMEX, and AMIN has been advised that approval should be forthcoming. If for any reason AMEX listing is not approved or is delayed, SRG is obligated in addition to the transfer of the Real Estate properties, to redeem the $4,500,000 or issue AMIN shares in annual increments of $1,500,000 commencing in July 2004. AMIN is very pleased with the consideration to be received for the Series AA Redeemable Preferred Stock and the value of the Real Properties in the growing real estate market in Texas. For additional detailed information please see our SEC filings.
AMIN is in the process of satisfying the requirements for the listing of AMIN’s shares on the American Stock Exchange and looks forward to becoming an American Stock Exchange company.
American International Industries, Inc. is a growing holding company, with interests in Industry, Finance, Real Estate and a growing Oil & Gas segment. AMIN intends to pursue potential acquisitions using its financial resources and management expertise to grow acquired businesses, improve access to capital and achieve economies of scale, in order to improve revenues, operations and profitability. Periodically as opportunities present themselves, we may sell or merge the subsidiaries in order to bring value to the holding company and our shareholders.
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 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 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: aiii@wt.net