AMERICAN INTERNATIONAL INDUSTRIES, INC.
ANNOUNCES UPCOMING AUCTION OF 287-ACRE WATERFRONT PROPERTY
AND CASH SALE OF DAWN CONDOMINIUM UNITS
Houston & Kemah, Texas Ė December 2, 2011 American International Industries, Inc. (OTCBB:AMIN) ("American" or the "Company") today announced that the 287-acre waterfront property located in Dickinson, Texas, sold to Texas Community Bank, N.A. ("TXCB") by American International Texas Properties, Inc. ("AITPI"), will be included in an auction scheduled for December 10, 2011. The auction will be managed by Kennedy Wilson Auction Group (http://www.bidkw.com/properties/view/1567). In accordance with a sales proceeds sharing arrangement between American and TXCB, if the property is sold at a minimum price of $5,000,000, American will receive the difference between the first $5,000,000 in sales proceeds and $3,100,000, for $1,900,000 cash consideration to American. In addition, if the property sells for in excess of $5,000,000, American will receive 50% of any amount over the $5,000,000. In the event that the property does not sell at this auction, American anticipates that the property will be included in a subsequent auction to be held in the future.
In addition, American further announced that it sold for cash and has under contract two of its 17 condominium units at the waterfront Dawn Condominium complex located at Galveston, Texas. The sale of the remaining condominium units is presently being negotiated for cash consideration.
Earlier this year, American entered into an agreement with Aldridge and Company, Ltd. ("Aldridge"), as principal, to sell Americanís 34.58 acre parcel located on Airport Blvd. in Houston, Texas for cash consideration of $1,500,000, payable at closing. Management expects the closing to occur on or before December 31, 2011, subject to Aldridgeís option to extend the closing for an additional 90 days.
"Through our ongoing real estate sales, we expect to significantly add to Americanís cash resources and improve our liquidity," said Daniel Dror, Americanís Chairman and CEO. "As the economy begins to improve, and as the price of commodities such as land and oil continue to rise, we anticipate overall improved financial results in 2012."
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American International Industries, Inc. is a diversified holding company of subsidiaries with interests in the automotive and consumer retail industry, real estate, oil well site supply and services, intellectual property, and the acquisition of petroleum resources in the United States, coupled with international exploration. The vision of the Company is to expand its interests in the energy sector through the acquisition of existing businesses, and apply its financial resources and management expertise to improve each subsidiaryís revenues, operations and profitability. As part of Americanís strategic planning, American acquires and sells certain assets, including subsidiaries and properties, from time to time, to take advantage of market opportunities.
This press release may contain forward-looking statements, including information about managementís view of the Companyís future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are 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, Texas 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. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on the Companyís future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
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