Look who is involved in Growth International: Joe Gort. This is the press release for EDII. Someone should warn those folks over there. They are questioning the number of outsdtanding shares there. I would quetion the number of shares also. There seems to be a trend.
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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
More Quotes and News:
Energy Drilling Industries Inc (OTC BB:EDII - news)
Related News Categories: real estate |
