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: amin@americanii.com
FOR IMMEDIATE RELEASE
AMERICAN INTERNATIONAL INDUSTRIES, INC. ANNOUNCES UPDATE ON SALE OF 287 ACRES OF WATERFRONT PROPERTY ON DICKINSON AND GALVESTON BAY, TEXAS
Kemah, Texas – November 3, 2005 American International Industries, Inc. (OTCBB: AMIN) announced today that its 287 acres of undeveloped property located on Galveston Bay, that had been under contract for sale to the Cardon Group, Phoenix, Arizona for $14,500,000, is being sold by AMIN to Lakeland Partners, Fund Number III for cash consideration of $16,000,000.
The Cardon Group informed AMIN, that their intentions were to hold the 287 acres parcel of land for future appreciation and not for immediate development. When Cardon recently advised AMIN that it did not wish to pursue the acquisition at this time, upon mutual releases by and between Cardon and AMIN, AMIN entered into a new purchase and sale contract with Lakeland Partners to sell the property for cash consideration of $16,000,000 (which represents $1,500,000 greater than the previous contract with Cardon). At time of closing of the sale of said property, the net book value of AMIN will increase by $5.00 per share. The real estate brokerage firms of McDade Smith Gould Johnston Mason & Company and CBRE of Houston, Texas negotiated the offer from Lakeland jointly.
Lakeland Partners is a developer and final user of properties such as the 287 acres parcel of waterfront property owned by AMIN. The new contract with Lakeland is subject to the satisfactory conclusion by Lakeland of standard due diligence. Both AMIN and Lakeland believe that because Lakeland is very familiar with the property and Lakeland already has real estate investments in the surrounding area, AMIN and Lakeland are optimistic regarding the final closing of this transaction. The parties estimate that the closing of the sale will be in approximately 180 days at the offices of Texas American Title Company, Houston, Texas.
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 and assets 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 AMIN’s 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: rruthstrom@americanii.com