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TO ALL: NEWS!!!!!!!!!!!!!!!!! IS THIS WHAT EDII IS REALLY WORTH?
Ashoka
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.
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Contact:
Growth International Limited, 718/951-0260
Joe Gort, 800/778-9204
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