New Press Release:
Tuesday July 14, 6:01 am Eastern Time
Company Press Release
American International Industries, Inc. Acquires MidTowne
Properties, Inc.
KEMAH, Texas--(BUSINESS WIRE)--July 14, 1998--American International Industries, Inc.
(formerly, Energy Drilling Industries, Inc.) (OTCBB:EDII - news) announced today it acquired 100% of
MidTowne Properties, Inc. (''MPI''), a Texas corporation, incorporated in 1994.
MPI is a real estate investment company with properties in Houston, Harris County, Texas. MPI has a net
book value of $2,500,000 and will be merged into Texas Real Estate Enterprises, Inc. (''TREE''), a
wholly owned subsidiary of EDII. EDII issued 1,100,000 restricted shares of common stock for 100% of
all shares outstanding of MPI. The EDII shares exchanged were based on a value of $2.40 per share.
This acquisition will enhance the real estate holdings of TREE. Houston's economy is no longer dependent
on the energy industry. The largest Medical Center in the world is located in Houston, and large computer
and software companies such as Compaq and BMC are based in Houston. The real estate market is
good and the company believes that its portfolio of properties is a very valuable asset.
On July 9, 1998 EDII declared a 10% stock dividend payable to shareholders of record August 30,
1998.
EDII has five divisions: industrial, financial, oil and gas, real estate and media
communications/entertainment. EDII, with its liquidity, assists its subsidiaries, to build vertically, each
division in its own field.
This release may contain forward-looking statements that involve risks and uncertainties, including without
limitation, continued acceptance of the company's products and services, increased levels of competition,
new products and technological changes, the company's dependence on financing, third-party suppliers
and intellectual property rights, and other risks detailed from time to time in the company's federal filings,
annual reports, offering memorandum or prospectus.
Contact:
Growth International Limited, 718/951-0260
Joe Gort, 800/778-9204 |
