While the rest of the market was dropping AIPN added 1/4!
Could the following news have contributed to that?
Monday November 30, 10:51 am Eastern Time
Company Press Release
American International Petroleum
Completes Acquisition of St. Marks Refinery
NEW YORK--(BUSINESS WIRE)--Nov. 30, 1998--American International Petroleum Corporation
(NASDAQ/NMS: AIPN - news) announced it has completed the acquisition of privately-held St.
Marks Refinery, Inc., a 123-acre distribution terminal with 33 storage tanks and a refinery with a
capacity of 20,000-barrels per day.
American International Petroleum paid 1.5 million shares of its restricted common stock for the
privately held company. After a one-year holding period, the shares may be sold pursuant to the
Securities and Exchange Commission Rule 144. The shares also carry restricted voting rights.
The St. Marks facility, near Tallahassee, Florida, is adjacent to the St. Marks River that is accessible
by barge from the Gulf of Mexico. The acquisition is expected to expand the Company's customer
base in both existing and new markets in Florida, Georgia and Alabama. St. Marks is currently being
utilized by the Company as a product distribution terminal for selling conventional paving and roofing
asphalt products. In order to more rapidly penetrate target markets the Company plans to install a
state-of-the-art asphalt laboratory and polymerization equipment at St. Marks to process and market
technologically advanced polymer modified asphalt paving products.
This acquisition significantly increases the retail capacity of the Company's Lake Charles, Louisiana
refinery. The Company's wholly owned American International Marine subsidiary will utilize its barge
to supply product to St. Marks. The St. Marks facility adds 33 tanks with a storage capacity of
465,000 barrels, increasing the Company's total tank capacity by approximately 50%, to an aggregate
1,185,000 barrels. The St. Marks refinery is not currently producing petroleum products, although the
Company may re-commission it sometime in the future.
American International Petroleum Corporation is a diversified petroleum company which, through
various wholly owned subsidiaries, is involved in oil and gas exploration and development in
Kazakhstan, and in refining, marketing and transportation of petroleum products in the United States.
Statements herein may be identified as forward-looking for purposes of safe harbor provisions under
Section 21E of the SEC Act of 1934. Such statements relating to the Company's future business are
subject to risks and uncertainties that could cause actual results to differ materially from those
statements, and other risks and factors, identified in the Company's SEC filings.
Contact:
American International Petroleum Corp.
Michael Dodge, 212/688-3333
www.aipcorp.com |
