American International Industries, Inc. Announces Negotiations to Sell Its 287 Acre Waterfront Property on Galveston Bay / Dicki
December 15 2010 - 8:00AM
American International Industries, Inc. (OTCBB:AMIN) (OTCQB:AMIN)
("American" or the "Company") today disclosed ongoing discussions
with potential purchasers of its strategically located 287 acre
property, with 6,600 linear feet of water frontage on Galveston Bay
/ Dickinson Bayou in Galveston County, Texas. The Company received
from its commercial real estate agent, CB Richard Ellis (CBRE), a
list of potential developers and users interested in purchasing the
property. The Company further announced that, in the event
that a sale of the property does not materialize, then the Company
will consider auctioning off the property. CBRE has a listing
to sell the property for $25,000,000. The property has been
carried on the books of the Company at its cost basis of
$225,000. The Company has approximately $15,500,000 tax loss
carried forward and, in the event of a sale of the property, most
of the consideration may be realized as a nontaxable
event. The property was acquired approximately 13 years ago
from a related party and the Company feels that a sale of the
property at this time will be beneficial to all shareholders.
In addition, the Company continues to list for sale its 174
acres in Waller County, Texas for $3,500,000, its 34 acres on
Airport Boulevard in Houston, Texas for $2,500,000 and its 36 acres
on Interstate 59 in Houston, Texas, for $9,100,000.
Management believes that these properties should be sold in
2011-2012, which will substantially increase the Company's cash and
working capital positions.
Mr. Daniel Dror, Chairman and CEO of American International
Industries, Inc., stated, "As we begin to be more aggressive with
our efforts to sell our real estate holdings, which have a combined
asking price of approximately $40,000,000, we firmly believe that
the value of the Company's stock is greatly undervalued. In
combination with last week's sale of Shumate Energy Technologies,
Inc., through which American realized a gain of $2,500,000, (or
approximately $0.25 per share), and the anticipated launch of
Brenham Oil & Gas Corp. ("BOG"), we expect that these latest
events and our future planning will benefit all shareholders."
Investors can now view real time stock quotes for AMIN with
market depth (Level 2) at www.otcmarkets.com/stock/AMIN/quote
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 Oil & Gas, and has a
significant Real Estate portfolio, all in Houston, TX and its
surrounding areas. The vision of the Company is to further
develop holdings in its core industries and plans to expand its
interests in the energy sector 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. 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,
among others:, continued value of our real estate portfolio; the
strength of the real estate market in Houston, Texas as a whole;
the ability to expand its interests in the energy sector; increased
levels of competition; the dependence upon financing, the
rules of regulatory authorities and risks associated with any
potential acquisitions. These statements involve known and unknown
risks, uncertainties and other factors, which may cause the results
of the Company, its divisions and concepts to be materially
different than those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
the Company 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 the Company's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, the Company undertakes 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 the Company.
CONTACT: American International Industries, Inc.
Investor Relations:
Rebekah Ruthstrom
281-334-9479
amin@americanii.com
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