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. REPORTS
170% INCREASE IN REVENUES AND
209% INCREASE IN NET INCOME FOR 2004
Kemah, Texas – March 31, 2005 American International Industries, Inc. (OTCBB: AMIN) Daniel Dror, the Company’s Chairman and CEO, is pleased to announce that for the fiscal year 2004 the Company reported record revenues of $21,440,342 compared to $7,928,943 in fiscal year 2003, an increase of $13,511,399 or 170%. The Company’s operating income during 2004 was $1,077,687 compared to an operating loss of $1,067,057 in 2003. The Company’s net income was $1,029,414 in 2004, or $0.37 per share, compared to a net loss of $943,036 or $0.44 per share in 2003. The net income in 2004 increased by 209% compared to the prior year. AMIN’s total assets increased to $22,745,845 at year end 2004 from $20,537,605 at year end 2003. At year end 2004, the Company had substantial cash on hand and marketable securities totaling approximately $9,000,000 or $3.25 per share, which the Company believes will enable it to pursue additional acquisitions to continue its growth strategy.
Mr. Dror stated, "AMIN’s 2004 fiscal year results are an affirmation of our vision and strategy to acquire companies which satisfy our present and future expectations regarding revenue growth and income potential and thereby increase shareholder value."
As the Company has previously announced, its subsidiary, International American Technologies, Inc., an Exchange Act reporting company (symbol: IMTG) (f/k/a Unlimited Coatings Corporation) is expected to complete its acquisition of Hammonds Technical Services, Inc. in April 2005. AMIN believes that Hammonds will substantially contribute to our revenues in 2005.
Mr. Dror further stated, "in addition to our Hammonds’ revenues, we expect significant growth in revenues and income during 2005 from our subsidiary, Northeastern Plastics, Inc. (NPI), as a result of its licensing agreements to use the Motor Trendä and Good Housekeeping Seal of Approvalä ."
Delta Seaboard Well Service, Inc., AMIN’s oil and gas subsidiary, continues to experience significant growth, which we expect to continue during 2005 and thereafter. As part of expansion strategy in the oil and gas industry, the Company entered into an agreement, subject to due diligence, to acquire control of a Texas refinery from International TransOil Corporation. With the acquisition of Delta and the refinery, AMIN believes that it is well positioned to participate in the increase of oil and gas services and fast growing demand for refinery capacity.
American International Industries, Inc. is a holding company. The Company has holdings in Industry, Oil and Gas Services, Finance, and Real Estate in Houston Texas. 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 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