AMERICAN INTERNATIONAL INDUSTRIES, INC.
601 CIEN STREET, SUITE 235, KEMAH, TX
Tel: (281) 334-9479
Fax: (281) 334-9508
TO ACQUIRE DELTA SEABOARD WELL
Kemah, Texas – April 28, 2003 American International Industries, Inc. (OTCBB: AMIN)
today announced that a Letter of Intent has been signed between AMIN and Delta
Seaboard Well Service, Inc. (“DSW”). DSW
is based in Houston, Texas with additional operations in Louisiana.
AMIN will invest $4,000,000 in cash to acquire 51% from DSW.
All the investment proceeds will be used for working capital of DSW, and
for expansion of DSW’s business. We believe that this will position DSW to be
prepared for the next up-trend in oil and gas drilling activities. DSW provides
diverse services to the oil and gas industry including drilling rigs, drilling
pipe (new and used), plugging of unused and abandoned oil and gas wells as well
as consulting services to the oil and gas industry.
DSW has been in business for over 30 years and enjoys a good reputation
in the market place. DSW projects
revenues for 2003 is in excess of $15,000,000 and DSW expects to be profitable
for the year. In addition to its
equity investment, AMIN will provide assistance to DSW to obtain additional
funding in order to take advantage of certain opportunities presently existing
in the oil and gas industry. This
acquisition is subject to additional due diligence and AMIN is requiring audited
financials of DSW in compliance with SEC regulations applicable to material
Daniel Dror, Chairman and C.E.O. stated: “We believe that this strategic
acquisition, if successfully concluded, will provide AMIN with an opportunity to
benefit from the anticipated significant growth in the oil and gas service
American International Industries, Inc. is a holding company. The Company has holdings in Industry, Finance, 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, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any 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.
Relations: Rebekah Ruthstrom Tel: 281-334-9479 email: