American International Industries, Inc. Announces That Brenham Oil & Gas Corp., Its Majority-Owned Subsidiary, Files Registratio
September 22 2010 - 10:39AM
American International Industries, Inc.
(OTCBB:AMIN) today announced that Brenham Oil & Gas Corp.
("BOG"), American's majority-owned subsidiary, filed a registration
statement on Form S-1 with the U.S. Securities and Exchange
Commission ("SEC") for the purpose of registering 10,297,019 BOG
common shares distributed as a special dividend to AMIN's
stockholders. AMIN's stockholders were issued one share of BOG
common stock for each share of AMIN common stock owned and held on
the Record Date, June 16, 2010. When the registration statement is
declared effective by the SEC, AMIN's non-affiliated shareholders
will have registered, free-trading shares. BOG plans to apply for a
symbol and have its shares subject to quotation on the OTC Bulletin
Board.
Mr. Daniel Dror, Chairman and CEO of AMIN and BOG, stated, "The
board of directors of both AMIN and BOG believe that this is in the
best interest of our stockholders. The spin-off of BOG as a
separate public company will best facilitate the ability of BOG to
implement its business plan to become an independent, oil and
gas-focused exploration and production company by acquiring oil and
gas-related assets in the United States and international
locations."
Mr. Scott Gaille, President of BOG, stated: "After considering
numerous oil and gas-producing regions in which to focus our
exploration and development efforts, the BOG board concluded that
our initial focus area would be West Africa." Mr. Gaille explained
that "West Africa has demonstrated a recent track record of
significant petroleum discoveries." Mr. Gaille has been working
closely with West African petroleum concessions since 2004, when he
acquired several petroleum licenses in Nigeria and Angola for
Occidental Petroleum Corporation, including participation in the
ExxonMobil-operated multi-hundred million barrel Uge Field oil
discovery in Nigeria. Mr. Gaille has assembled a technical
team with extensive experience in geologic evaluations of petroleum
concessions in West Africa and elsewhere. The Brenham
technical team includes Mr. Bill Trojan, who was previously Vice
President of Worldwide Deepwater Exploration for Phillips and West
African Exploration Manager for ConocoPhillips. Mr. Trojan
has participated in discoveries totaling billions of barrels of oil
over the course of his career, including along the West African
coast in Nigeria and Cameroon.
Mr. Dror further stated that, "With the filing of the BOG
registration statement, AMIN will now have two public company
subsidiaries in the oil and gas sector: Delta Seaboard
International, Inc. (OTCBB:HMDI), engaged in the oil & gas
service industry; and Brenham Oil & Gas Corp., which will
operate in the oil and gas exploration and development industry.
We believe that with these developments, we hope to improve
our results of operations and net income, having reported net
income of $1,513,018, or $0.15 per share, for the quarter ended
June 30, 2010. AMIN continues to evaluate potential
acquisitions that will benefit our shareholders and those of our
subsidiaries."
For more information, please visit our website at
www.brenhamoil.com or request information via email to
info@brenhamoil.com
American International Industries, Inc. is a diversified holding
company, with a business model similar to General Electric, Tyco
International and Berkshire Hathaway. The Company has holdings in
Industry, Finance, and 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.
Forward-Looking Statements:This press release
may contain forward-looking statements, including information about
management's view of the Company's future expectations, plans and
prospects, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995 (the "Act"). In
particular, when used in the preceding discussion, the words
"believes," "expects," "intends," "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act, and are
subject to the safe harbor created by the Act. Any statements made
in this news release other than those of historical fact, about an
action, event or development, are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the results of operations to be materially
different than those expressed or implied in such statements. These
risk factors and others are included in the BOG registration
statement and from time to time in AMIN's documents that it files
with the Securities and Exchange Commission, including but not
limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown
or unpredictable factors also could have material adverse effects
on future results. The forward-looking statements included in this
press release are made only as of the date hereof. Neither AMIN nor
BOG can guarantee future results, levels of activity, performance
or achievements. Accordingly, you should not place undue reliance
on these forward-looking statements. Finally, AMIN and BOG
undertake no obligation to update these statements after the date
of this release, except as required by law, and also takes no
obligation to update or correct information prepared by third
parties that are not paid for by either company.
CONTACT: American International Industries, Inc.
Investor Relations:
Rebekah Ruthstrom
281-334-9479
amin@americanii.com
info@brenhamoil.com
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