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: email@example.com
FOR IMMEDIATE RELEASE
AMERICAN INTERNATIONAL INDUSTRIES, INC.
RECEIVES TWO CASH OFFERS FOR ITíS 287 ACRES,
WATERFRONT PROPERTY OWNED IN GALVESTON COUNTY, TEXAS
Kemah, Texas Ė June 27, 2005 American International Industries, Inc. (OTCBB: AMIN) Mr. Daniel Dror, Chairman and CEO, announced today that on April 12, 2005 the Company signed a listing agreement with McDade, Smith, Gould, Johnston, Mason and Company to sell AMINís 287 acres of undeveloped real estate on Galveston Bay, Texas. McDade, Smith, Gould, Johnston, Mason and Company is a well respected Commercial and Investment Real Estate Brokerage and Consulting firm in Houston, Texas. The brokers handling the sale, Wayne Vitale and Ronald Simons, both specialize in Real Estate in the Galveston County, Texas area and have informed AMIN they have received two bona fide cash offers from purchasers who are major real estate developers. One cash offer for $15,000,000 is from Lakeland Partners III, an established developer of raw land in the Houston, Texas area. The other cash offer for $14,500,000 is from the Cardon Group, an old established real estate investment company based in Mesa, Arizona. The two offers, and the closing, are subject to the customary contingencies for real estate transactions, including required permits and other due diligence. The Company believes that both offers are from respected and highly qualified buyers. The 287 acres are highly desirable waterfront property located in one of the fastest growing waterfront areas in the Houston / Galveston market and is suitable for development into high end uses such as marinas, hotels, shopping centers and other commercial and residential developments. The mineral and water rights are not included in the sales price and the water rights are retained by AMIN. The company is presently evaluating the two offers, and will make its decision to accept either one of the offers within the next ten days. The 287 acres property has been carried on the company books for an amount substantially below the sales price. Based upon AMIN having approximately 3,000,000 common shares outstanding, the transaction would add $5 per share to AMINís book value.
Mr. Dror stated that the real estate transaction, together with the results of 2004 Year End (announced in AMINís previous news release dated March 31, 2005) contained in our 10-KSB filing with the SEC, represent an affirmation of our vision to acquire companies and assets which not only meet our expectations regarding revenue and income, but also enhance shareholder value.
As we have previously announced, our subsidiary International American Technologies, Inc. (IMTG) has finalized and closed the acquisition of Hammonds Technical Services, Inc. Our subsidiary Northeastern Plastics, Inc. (NPI) as reported earlier has secured a licensing agreement from Motor Trend and further secured a license agreement from Good Housekeeping for its new family of products (Good Choice). As a result of the new NPI contracts, we expect significant growth in NPI during the next twelve months.
American International Industries, Inc. is a holding company. The Company has holdings in Industry, Oil and Gas Services, Finance, and Real Estate in Houston area. The vision of the Company is to acquire controlling interests in undervalued companies in which it takes an active role to improve their growth and profitability, by providing its subsidiaries with access to capital, leveraging synergies and using AMINís management expertise. As a holding company, AMIN achieves economies of scale by consolidating administrative functions for each of its subsidiaries.
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 our products and services, continued growth in the energy sector, increased levels of competition, the dependence upon adequate financing, third party suppliers and the ability to hire and retain qualified management for its operating subsidiaries, and the regulatory environment in the segments in which we operate. 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: firstname.lastname@example.org