AMERICAN INTERNATIONAL INDUSTRIES,
INC. (OTCBB: "AMIN")
601 CIEN STREET, SUITE 235, KEMAH, TX 77565-3077
Tel: (281) 334-9479 Fax: (281) 334-9508
For immediate release
INDUSTRIES, INC. REPORTS
SECOND QUARTER EARNINGS OF $4,994,652 OR $3.22 PER SHARE
Kemah, Texas – August 19, 2002 American International Industries, Inc. (OTCBB: AMIN) reports consolidated net income of $4,994,652 for the three-month period ended June 30, 2002 which compares to net income of $4,338 for the comparable period of the prior year. For the six months ended June 30,the current year earnings of $4,870,630 compare to $1,499,326 earned last year. During the current quarter, the Company's Real Estate Division completed the sale of several properties in a single transaction valued at $6 million and resulting in gross profit of $5,439,376. The net income for the comparable period ending June 30, 2001 was primarily attributable to the gain on sale of our subsidiary, Har-Whit/Pitt’s & Spitt’s. Please refer to our Form 10-QSB, filed August 19, 2002 for more information.
John W. Stump, III, Chief Financial Officer, explained that "on June 19, the stockholders approved the one for one-hundred reverse re-capitalization of our Common stock, thus we now have only 1,551,325 shares outstanding. The new symbol AMIN replaces our EDII symbol with the effective date of the reverse."
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.
Investor Relations: Rebekah Ruthstrom Tel: 281-334-9479 email: email@example.com
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 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.