AMERICAN INTERNATIONAL INDUSTRIES,
INC. (OTCBB: "EDII")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
For immediate release
AMERICAN INTERNATIONAL INDUSTRIES,
INC.
BOARD AUTHORIZES THE REPURCHASE OF UP
TO 30,000,000 OF ITS SHARES
Kemah, Texas - May 22, 2002 American
International Industries, Inc. (OTCBB: EDII) announced today that its Board
of Directors has authorized the Company, in its sole discretion, to purchase
up to 30,000,000 shares of its common stock in the open market and in privately
negotiated transactions (approximately 20% of all issued and outstanding shares
of EDII).
John Stump, Chief Financial Officer stated "management believes that the
recent price of its shares in the market is not reflective of the true underlying
value of its shares and that the repurchase of shares by the company is in the
best interest of it's stockholders."
American International Industries, Inc. is a holding
company. The company has holdings in Industry, Finance, Real Estate in Houston
Texas and surrounding areas, and owns an Oil & Gas royalties' interest.
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. EDII is continuing to work with management of the subsidiary
companies to improve revenues, operations and profitability.
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 value of our real estate portfolio, the strength of the
real estate market in Houston, Texas as a whole, 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 potential 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.
Contact:
American International Industries Inc., Kemah
Investor Relations: Rebekah Ruthstrom Tel: 281-334-9479
email: aiii@wt.net
email: aiii@wt.net