AMERICAN INTERNATIONAL INDUSTRIES, INC.

(NasdaqCM: "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, Inc.’s wholly owned subsidiary

International American Refineries, Inc. is to acquire

the Norcorom Refinery

 

Houston / Kemah, Texas – July 6, 2010 American International Industries, Inc. (NASDAQ: AMIN) today announced that its wholly-owned subsidiary, International American Refineries, Inc., has entered into a Letter of Intent to acquire all outstanding shares of Norcorom Industries Srl., a privately-held company. Norcorom owns a refinery with a capacity of 40,000 barrels per day, based in Ingleside, Texas. The refinery offers the following key points:

  • Refinery, barge dock, storage tanks, pipes to and from the dock.

  • Total land area of over 101 acres; including the refinery and dock.

  • 19 storage tanks with a total capacity of 841,000 barrels of storage.

  • Refinery fixtures and equipment plus personal property on the refinery land.

  • Can process 40,000 bpd crude oil and has also produced naphtha, jet fuel, kerosene, diesel and fuel oil.

    •

    In the event of a purchase, the proposed acquisition will be an all cash transaction. AMIN and its subsidiary are presently conducting due diligence and will specifically study the estimated costs to bring the refinery up to 2010 standards. Daniel Dror, Chairman and CEO of AMIN stated, "Subject to successful completion of our due diligence, we hope to be able to close on the refinery acquisition before the end of the fiscal year. Our management believes that the time is right to acquire a company in the business of refining petroleum products, and further our management believes that the spread and profits will grow as the energy sector continues to be increasingly positive in the near term." AMIN previously negotiated a contract to acquire the Nixon Refinery in Nixon, TX. The sellers refused to deliver title on the refinery to AMIN and AMIN received $2,000,000 in settlement of its claim for breach of contract.

    Two of AMIN’s operating subsidiaries, Delta Seaboard International, Inc. and Shumate Energy Technologies, Inc., are in the oil and gas related industry. AMIN, based in Houston/Kemah, TX, the energy capital of the world, is presented with many opportunities in the oil and gas field. AMIN believes that the refinery acquisition, if successfully concluded, will further its plans to expand in the oil and gas industry segment.

    American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance and Oil & Gas, and has a significant Real Estate portfolio, all in Houston, TX and its surrounding areas. The vision of the Company is to further develop holdings in its core industries and plans to expand its interests in the energy sector 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.

    Forward-Looking Statements:

    The matters discussed in this release contain forward-looking statements 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, among others:, continued value of our real estate portfolio; the strength of the real estate market in Houston, TX as a whole; the ability to expand its interests in the energy sector; increased levels of competition; the dependence upon financing, 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 at Tel: 281-334-9479 or email: amin@americanii.com