Sergio-
In all fairness to our "illustrious" board of directors, they have chartered a new course for our battered ship since the November press release you linked to. They have sold off the Columbian and Peruvian properties for approx $20.2 million, 42% cash and the rest stock in Mercantile Intl Pete (which closed at $1.35 can. on Toronto today = $.9855 US in contrast to the $2 it represented in the sale).
<<<NEW YORK--(BUSINESS WIRE)--Feb. 26, 1997--American International Petroleum Corp. (NASDAQ: AIPN), announced today that it has completed the sale of its wholly-owned Colombian and Peruvian subsidiaries to Mercantile International Petroleum Inc. ("MIP"), which was previously disclosed in the company's press release of Jan. 30, 1997. The consideration of up to $20.2 million is comprised of approximately 42% cash, assumption of debt and direct participation features, and approximately 58% through the issuance of securities. The securities include approximately 4.4 million common shares of MIP (valued in the transaction at $2.00 per share), which must be held by the company for a minimum of 40 days, and US$3 million in preferred shares exchangeable, at the company's option, one year after the closing into 1 million common shares of MIP.>>>
We now have this stock & cash, the Lake Charles refinery including that portion of it which has beeen retrofitted to produce asphalt starting Mid-June (last Sunday), the judgement award from the eviction of Goldline from the refinery ($1.5 million), potential revenues from a new lessee at the refinery, and the Khazikstan concession.
I spoke with Sharon at Wall Street Associates (hired by AIPN to deal with investor relations) today, and was told that there will be a press release soon regarding the asphalt production startup. I remember from their press releases last year that they anticipated $60 million annual revenue from this operation.
I really like cheap little dog stocks like this and see potential for a stellar percentage gain when (if) they come out of the doghouse. Let's think positively and hope that we will not be disappointed again. GO AIPN!!!! |
