***NEWS***
Monday November 16, 8:55 am Eastern Time
Company Press Release
American International Industries, Inc. Board Authorizes the Repurchase of Its Shares On the Open Market
KEMAH, Texas--(BUSINESS WIRE)--Nov. 16, 1998--American International Industries, Inc. (OTCBB: EDII - news) announced today that its Board of Directors has authorized the Company, in its sole discretion, to purchase up to 10,000,000 shares of its common stock, approximately 10% of the shares outstanding, in the open market and in privately negotiated transactions. The Company recently completed the repurchase of approximately 700,000 of its shares and options in private transactions. At this time the Company has a high level of liquidity. Management believes that due to the undervalued price of its shares in the market, the repurchase of shares is in the best interest of shareholders.
Further, Daniel Dror, Chairman and CEO said, ''The Company has prepared the information and documents necessary for filing the Form 10-SB with the Securities and Exchange Commission. The documents are in the final review stages by management, securities counsel and our independent accountants. We expect the review to be finalized shortly and filing via the SEC EDGAR system will occur prior to Nov. 23, 1998. In order to prepare for the filing, each of our subsidiaries were reviewed by our independent accountants. We understand the frustration our shareholders are experiencing in inaccessibility to publicly disclosed financial information; however we are taking every precaution to be certain this information is thorough and accurate. We are pleased to be able to present up-to-date information, which, upon filing, will be available immediately to investors via the Internet.''
American International Industries, Inc. is a rapidly growing holding company. The Company has holdings in Industry, Finance, Media/Communications, Real Estate, and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
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 technology 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 filing, annual reports, offering memorandum or prospectus.
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Contact:
American International Industries, Inc.
John Stump or Rebekah Ruthstrom, 281/334-4764
www.americanii.com and www.jstocks.com/american.htm
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