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. ANNOUNCES UPDATE ON THE
REVERSE MERGER OF ITS SUBSIDIARY, DELTA SEABOARD WELL SERVICE, INC.,
INTO HAMMONDS INDUSTRIES, INC.
Houston / Kemah, Texas – December 15, 2009 American International Industries, Inc. (NasdaqCM: AMIN), Delta Seaboard Well Service, Inc. (Delta), Hammonds Industries, Inc. (Hammonds) (HMDI.PK), and the minority interest owners of Delta entered into an agreement on August 13, 2009 to effect a reverse merger of 100% of Delta into Hammonds. The parties anticipate closing this transaction in January 2010. We are working to complete the SEC filings required to close this transaction, including HMDI’s December 31, 2008 10-K and its 2009 10-Qs. Our auditors are completing work on the audits of HMDI’s and Delta’s December 31, 2008 and Delta’s December 31, 2007 annual financial statements and the reviews of HMDI’s 2009 quarterly financial statements.
Hammonds is a publicly traded company under the symbol HMDI.PK. Delta will be 100% owned by Hammonds, the public company. In connection with the reverse merger, Hammonds’ name will be changed to Delta Seaboard International, Inc. and a new symbol will be assigned. Also, Delta will immediately make application for listing on the OTCBB. Management believes that by placing Delta in a separate publicly-traded company, it will unlock the company’s value apart from American’s other subsidiaries and provide value to Hammonds’ shareholders. American will maintain its controlling interest in Delta and will continue to consolidate Delta with its other subsidiaries.
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 Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company is to develop holdings in various industries 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.
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: amin@americanii.com