Kemah, Texas - May 29, 2001 American International Industries, Inc. (OTCBB: EDII) today announced that a non-binding letter of intent has been signed between EDII and the owners of Dawson Marine, Inc. (a privately held company based in Beaumont, Texas) whereby 51% of Dawson Marine, Inc. will be acquired by EDII and the remaining 49% will be held by Dawson's management, who will continue with the operations of the business.
Dawson Marine, Inc. is a leading dealer of outboard sport fishing boats with sales of approximately $10,000,000 in 2000. Dawson Marine is the largest dealer in its marketplace and last year was ranked as:
EDII will assist Dawson Marine, Inc. with its expansion plans. In addition to its existing facilities in Beaumont, Texas, the company this year opened new locations in Lumberton, Texas and Jasper, Texas. Dawson maintains the largest inventory of bass and bay fishing boats in Texas (over 100 boats) and is an authorized dealer for Skeeter, Boston Whaler, Cobia, Yamaha, Mercury, Mercruiser, Pathfinder, Maverick, Hewes, Southfork, Bay Stealth, Triton, Champion, Bay Seeker and Yamaha Exciter. The company also sells nationwide through its website at www.dawsonmarine.com.
American International Industries, Inc. is a growing 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 economics 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 include without limitations, continued acceptance
of Dawson's products and services, increased levels of competition in Dawson's
business, new products and technology changes, the dependence upon financing
to complete the acquisition of Dawson, 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