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.
ANNOUNCES SALE OF 50% OF ITS REAL ESTATE
HOLDINGS FOR $6,000,000
Kemah, Texas - June 13, 2002 American International Industries, Inc. (OTCBB: EDII) announced today that EDII and its subsidiary companies Texas Real Estate Enterprises, Inc. ("TREE") and MidCity Houston Properties, Inc. ("MidCity") have sold approximately 50% of their Real Estate holdings to the development subsidiary of SurgiCare, Inc., an American Stock Exchange listed company, a leading operator of ambulatory surgical centers in the Greater Houston Area, in a transaction valued at 6 million dollars. For additional details please check the EDGAR for SEC filings. This transaction will result in a substantial gain to EDII of approximately $5,600,000 or $0.04 per share. As a result of the sale of the properties the book value of EDII will increase to $0.08 per share.
Daniel Dror, Chairman commented "this transaction converted non-liquid Real Estate assets into liquidity and financial assets for EDII and positions the Company nicely to expand its plans for growth. It is our opinion that SRG is a well managed Company and this transaction is a "win-win" for both EDII and SRG."
On May 22, 2002 EDII announced the buy back of up to 30,000,000 shares of Company Common Stock (approximately 20% of all of its outstanding shares.) The Board of Directors felt that EDII shares on the open market were substantially undervalued.
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. 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