EDII... News!
Company Press Release
Energy Drilling Industries Changes Name to American
International Industries Inc. And Announces "Spin-Off
Plan" of Part of Its Subsidiaries to the Shareholders
HOUSTON--(BUSINESS WIRE)--June 30, 1998--Energy Drilling Industries, Inc. announced
today that its board of directors and a majority of the shareholders have approved a name change
to:
American International Industries Inc.
The OTC BB symbol will continue to be EDII
Chairman and CEO - Daniel Dror
Principal executive offices - 601 Hanson Road, Kemah, Texas 77565
Telephone - (281) 334-4764
The Company was originally engaged in energy-related businesses. The objective of the company is
to grow by acquiring subsidiaries in five different industries and ultimately to accelerate its growth by
making each subsidiary a publicly traded company with its own stock symbol.
The plan calls for a ''spin-off'' of part of each subsidiary as a dividend to the shareholders of record
at the time the distribution is effected. The company currently has six wholly owned subsidiaries as
follows:
Har-Whit Inc.
President - Wayne Whitworth
Address - 14221 Eastex Freeway, Houston, Texas 77032
Telephone - (281) 987-3474
The company has been in business for 26 years. The company manufactures parts and provides
special services, primarily to the oil and gas drilling industry.
Pitts & Spitts, Inc.
President - Raymond Hartis
Address - 14221 Eastex Freeway, Houston, Texas 77032
Telephone - (281) 442-5103
The company has been in business for 20 years. The company manufactures a fine line of barbecue
pitts and related accessories. The company also produces its own brand of barbecue sauces and
seasonings.
Brenham Oil & Gas, Inc.
President - Jack Talan
Address - 101 Raider Street, Kemah, Texas 77565
Telephone - (281) 334-4831
Founded in 1996. The company owns oil and gas royalties and is in the business of acquiring oil and
gas properties. The company also invests in drilling programs.
Texas Real Estate Enterprises, Inc./GCA, Inc.
President - William E. King
Address - 101 Raider Street, Kemah, Texas 77565
Telephone - (713) 254-8989
Founded in 1996. The company owns well-located large tracts of development land in the Houston
area. The company intends to develop some of the properties and other properties will be sold to
independent developers.
The company has entered into ''Letters of Intent'' with the boards of directors and has committed to
acquire the majority interests in the following companies:
Acqueren, Inc. (closed in escrow)
President - Udi Laska
Address - 630 Fifth Avenue, Suite 800, Rockefeller Center, New
York, New York 10111
Telephone - (212) 332-7102
Founded in 1994. Acqueren, Inc. is a holding company with a substantial liquidity (in excess of
$2,000,000) and owns 100% of its subsidiary, Northeastern Plastics, Inc.
Northeastern Plastics, Inc.
President - Mark Fields
Address - 11601 Highway 32, Nicholls, Georgia 31554
Telephone - (912) 345-2030
The company was founded in the early 1960s and since then has been engaged in supplying
numerous automotive and electrical products to retailers, wholesalers, and the automotive
aftermarket. The product lines have been expanded, and NPI today offers a complete assortment of
UL and CSA listed products, cord sets, portable lighting devices, night lights and similar wiring
devices, multiple outlet and surge protection devices, rubber and PVC booster cables and battery
accessories.
Intile Designs, Inc.
President - George Siller
Address - 9716 Old Katy Road, Suite 110, Houston, 77055
Telephone - (713) 468-8400
Founded in 1973. Intile Designs, Inc., a Delaware company, is a direct importer and distributor of
foreign ceramic tile, marble, swimming pool tile and related home design products. The company is
also a distributor of domestic ceramic tile, marble and other related home design building products.
The company distributes to a diverse and varied retail and wholesale customer base through eight
showroom/warehouse facilities and three retail showrooms in four states. The company markets its
products to at least five general customer bases, new home builders, residential and commercial
remodeling contractors, architects and designers, swimming pool contractors, and do-it-yourself
consumers.
Cinema Research Corporation
President - Jordan Friedberg
Address - 6860 Lexington Avenue, Hollywood, California 90038
Telephone - (213) 460-4111
Founded in 1940. CRC owns a well positioned facility located at the above address in Hollywood.
Acquiring this company will provide an immediate entry into the media communications industry.
The company has been established in the Hollywood community for over 50 years. It has an
excellent reputation. It is doing business with the major studios, independent producers and TB
production companies. Its client list includes all of the best-known producers. It specializes in titles,
credits as well as optical and digital special effects. It owns both mechanical and computer
processes.
The annualized revenues of the presently owned subsidiaries and the above-described companies to
be acquired will approximate $110,000,000 and the company is currently profitable. The company
has also entered into negotiations to acquire majority interests in numerous companies
complementary to one or more of its five divisions. Most of these companies will be acquired by
debt-restructuring agreements and the issuance of restricted shares of company stock, thus
increasing the net tangible book value of the company's common stock with each additional
acquisition.
Each acquisition will result in minimum dilution (if any) to current shareholders and enhanced
shareholders' value per share. Whenever restricted shares are issued by the company for
acquisitions, the shares will be restricted in accordance with Rule 144 under the Securities Act of
1933, and whenever possible for periods longer than required under that rule. At this time, the
company's management estimates that the float of the freely tradeable shares is approximately
11,000,000 shares.
Three of the companies presently in negotiations are in the media communications industry. While at
this time there can be no assurance that these acquisitions will be finalized, management is optimistic
about completing them on terms favorable to the company and the shareholders.
The company intends to distribute to its shareholders, annual reports containing financial statements
audited by the firm of BDO Seidman LLC. The company will distribute press releases, updates, and
quarterly reports to shareholders as determined by its board of directors, and the company intends
to become fully reporting in the near future. A company web page will be designed shortly.
The company has five divisions and assists them with its liquid resources 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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