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Microcap & Penny Stocks : American International Industries Inc. OTC BB Symbol EDII -- Ignore unavailable to you. Want to Upgrade?

To: Janice Shell who wrote (829)	7/14/1998 3:23:00 PM
From: marcos	Respond to of 4814

"The aggregate market value of voting stock held by nonaffiliates of the registrant at April 30, 1998 was approximately $1,056,213 (at $.25). As of April 30, 1998, 4,777,079 shares of the registrant's Common Stock, $.0001 par value, were outstanding." "On April 2, 1998, the Company announced that it has signed a Letter of Intent ("LOI"), to sell 25,000,000 new shares of Intile Common Stock for $2,000,000, in cash, to Energy Drilling Industries, Inc. ("EDII"). The purchase will represent approximately 82% of the then issued shares of common stock..." Ah, I see what you mean. On April 30, 1998 Intile was valued at $1,056,213 but 82% of it (approximately) had had a deal made on it (subject to certain terms and conditions, of course) on April 2, 1998 (gee, that's the day after FBNA Day) for $2,000,000. So on 2/04/98 Intile was worth $2,439,024.39 and yet by 30/04/98 the value had plummeted to 43% (approximately) of that figure. What happened? I wonder if those 'certain conditions' are limited to "due diligence by both parties, amendment of the Company's charter to authorize additional shares of common stock, and preparation and execution of definitive agreements." Well, I guess 'preparation and execution of definitive agreements' could cover quite a lot of possibilities, eh.