HOUSTON and KEMAH, Texas, Nov. 10, 2010 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCBB:AMIN) (OTCQB:AMIN) ("American" or the "Company") today announced that the Company has been negotiating for the sale of its wholly-owned subsidiary, Shumate Energy Technologies, Inc. ("Shumate"). Shumate is in the business of contract machining and manufacturing products, parts, components, assemblies and sub-assemblies for customers in the energy field services market, which are specifically designed to their customers' specifications.
American has five other operating subsidiaries: (1) Northeastern Plastics, Inc., a wholly-owned subsidiary that is a supplier of automotive after-market products and consumer durable goods products to retailers and wholesalers in the automotive after-market and in the consumer durable electrical products markets; (2) Delta Seaboard International, Inc. (OTCBB:HMDI), a 48.1% owned subsidiary, is an onshore rig-based well-servicing contracting company providing services to the oil and gas industry; (3) Downhole Completion Products, Inc., an 80% owned subsidiary, that provides major international oil and gas service company end-users with the highest quality proprietary downhole/completion threaded products under any condition; (4) Brenham Oil & Gas Corp., a 54.7% owned subsidiary, is an oil and gas exploration and production company seeking to build a portfolio of domestic and international assets focused on Africa; and (5) Subsea Oil Technologies, Inc., a 50% owned subsidiary, was organized for the purpose of designing, testing and producing efficient, high quality and fully operational, safety and emergency equipment for the undersea oil and gas industries.
Mr. Daniel Dror, Chairman and CEO of AMIN stated, "American's plan to sell Shumate is part of our strategic plan to purchase additional operating companies and concentrate, in general, on the oil and gas business."
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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