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: aiii@wt.net
Kemah, Texas
– October 15, 2003
American International Industries, Inc. (OTCBB: AMIN) announced
today that it completed the acquisition of 51% of Delta Seaboard Well Service,
Inc. (“Delta”). Delta has been
in the energy field service business for over 30 years and enjoys a good
reputation in its field. Delta
sells oil field pipe, tubular, well-completion work, and provides work-over
services for existing oil and gas wells. Delta
is creating an exploration division, which is a natural evolution for its
business. Delta’s business offers
it many opportunities in the oil and gas exploration field. Delta signed an agreement to participate with the YUMA
Exploration and Production, Inc. in a drilling program in St. Bernard Parish,
Main Pass Field area in Southern Louisiana.
Last year, Delta’s revenues were in excess of $14,000,000 and Delta was
profitable. Delta is presently in
negotiations with another company, which would be of great synergy with Delta
once the acquisition is completed which potential acquisition could increase
Delta’s gross revenues by up to 100%. Among
the clients of Delta are El Paso Production Company, The Houston Exploration
Company, Burlington Resources Company, The Railroad Commission of Texas, Pogo
Producing/North Central Oil Corporation, and Dominion Exploration and
Production, Inc.
Mr. Daniel Dror, CEO of AMIN, stated “the
acquisition of Delta would be of great benefit to AMIN and its shareholders.
Delta is managed by Mr. Rob Derrick and Mr. Ron Burleigh, who are the
principles and owners of 49% of Delta. Both
have been with the company for many years.
Mr. Derrick and Mr. Burleigh have signed long term employment agreement
with Delta.”
Further, the Company’s board of directors voted to
apply for a listing of its shares on the NASDAQ Small Cap Market.
The company previously applied for a listing of its shares on the
American Stock Exchange. However,
the Company believes that due to lengthy wait and the likelihood it may be
required to consolidate its financials with the current potential acquisitions
prior to being approved by the American Stock Exchange for a listing of its
shares the Company has decided to proceed with its application to the NASDAQ
Small Cap Market.
American
International Industries, Inc. is a holding company. The Company has holdings in
Industry, Real Estate in Houston Texas and surrounding areas, and owns an Oil
& Gas royalties’ interest. The vision of the Company is in addition to
internal growth, 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.
Investor Relations: Rebekah Ruthstrom
Tel: 281-334-9479 email: aiii@wt.net