EDII.032NEWS-.08/share-looking way undervalued-One to Watch-
EDII NEWS>>>>>
American International Industries Inc. Announces Sale of 50% of Its Real Estate
Holdings for $6,000,000
Business Editors
KEMAH, Texas--(BUSINESS WIRE)--June 13, 2002--American
International Industries Inc. (OTCBB:EDII) announced today that EDII
and its subsidiary companies, Texas Real Estate Enterprises Inc.
("TREE") and MidCity Houston Properties Inc. ("MidCity"), have sold
approximately 50% of their real estate holdings to the development
subsidiary of SurgiCare Inc., an American Stock Exchange listed
company, a leading operator of ambulatory surgical centers in the
Greater Houston Area, in a transaction valued at 6 million dollars.
For additional details please check the EDGAR for SEC filings. This
transaction will result in a substantial gain to EDII of approximately
$5,600,000 or $0.04 per share. As a result of the sale of the
properties the book value of EDII will increase to $0.08 per share.
Daniel Dror, chairman, commented, "this transaction converted
non-liquid real estate assets into liquidity and financial assets for
EDII and positions the Company nicely to expand its plans for growth.
It is our opinion that SRG is a well managed company and this
transaction is a "win-win" for both EDII and SRG."
On May 22, 2002 EDII announced the buy back of up to 30,000,000
shares of company common stock (approximately 20% of all of its
outstanding shares.) The board of directors felt that EDII shares on
the open market were substantially undervalued. |
