HOUSTON and KEMAH, Texas, Jan. 24, 2011 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCBB:AMIN) (OTCQB:AMIN) ("American" or the "Company") today announced that, through its 50% owned subsidiary, Subsea Oil Technologies, Inc. ("Subsea"), a technical collaboration agreement has been established with Rowan University ("Rowan") (), whose main campus is located in Glassboro, New Jersey. Collaborations under this agreement may include, but are not limited to, joint research projects conducted by Subsea and Rowan that are funded by a third party. All new intellectual property ("IP") developed as a result of collaborative efforts between Subsea and Rowan will be jointly assigned.
Dr. Gautam Pillay, Associate Provost for Research at Rowan University, who signed the agreement, said, "This collaboration provides an excellent opportunity for our engineering professors and students to collaborate with a respected organization on a problem that often impacts our environment and way of life."
Dr. Beena Sukumaran, chair of Civil & Environmental Engineering in Rowan's College of Engineering, and Scott Wolinsky, a director of American and the inventor of Subsea's patent-pending technology for containing subsea oil and/or gas spills, are the principals involved in the technical collaboration agreement. The agreement calls for Dr. Sukumaran and her students to work on research and development projects related to oil and/or gas spill (blowout) containment methods and apparatus configurations.
Dr. Sukumaran previously served as a consultant to Fugro-McClelland Marine Geosciences, Inc., where she performed analysis on suction caissons, which are foundation systems used for deepwater oil platforms. Dr. Sukumaran is the author of several publications associated with caissons, including "Efficient Finite Element Techniques for Limit Analysis of Suction Caissons under Lateral Loads" and "Total and Effective Stress Analysis of Suction Caissons for Gulf of Mexico Conditions." She also performed analysis of suction caissons while working on a research fellowship at the Norwegian Geotechnical Institute and as a research engineer at Amoco Corporation.
Mr. Wolinsky, a senior patent agent at the law firm of Volpe and Koenig, P.C., located in Philadelphia, Pennsylvania, has been communicating and meeting with several engineering chairpersons, professors and administrators of Rowan since August, and he will continue to work with Dr. Sukumaran to further develop this technology. In October, Mr. Wolinsky met with personnel at the National Oil Spill Response & Renewable Energy Test Facility (Ohmsett) located at the Naval Weapons Station Earle Waterfront in Leonardo, N.J., to discuss Subsea's research plans.
Rowan University is a selective, medium-sized public institution located in southern New Jersey, just 20 miles east of Philadelphia, with a branch campus in nearby Camden. Home to about 11,000 students, Rowan has seven colleges: Business, Communication, Education, Engineering, Fine & Performing Arts, and Liberal Arts & Sciences as well as Graduate and Continuing Education. The award-winning Rowan College of Engineering is nationally recognized and is known for its innovate eight-semester clinic sequence that starts students on hands-on projects their first semester.
Subsea () 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. Subsea has established an on-going program to build an IP portfolio of patent applications directed towards expediting the containment of undersea oil and/or gas spills, such as the 2010 BP/Deepwater Horizon oil spill crisis in the Gulf of Mexico, at least until a relief well can be drilled.
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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.
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.
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