!!!!!NEWS!!!!
Thursday August 6, 8:59 am Eastern Time
Company Press Release
American International Industries Inc. Announces the Appointment of C.F.O. and Finalizes Acquisition of Acqueren and Subsidiary, N.P.I.
KEMAH, Texas--(BUSINESS WIRE)--Aug. 6, 1998--American International Industries, Inc. (the ''company'') (formerly, Energy Drilling Industries, Inc.)(OTCBB:EDII - news) announced today that the board of directors appointed John W. Stump, III, C.P.A., as Chief Financial Officer of EDII.
Stump has vast experience in S.E.C. reporting companies, investor relations, public reporting, mergers and acquisitions, total quality management, and many areas of expertise, which EDII believes will be of great value to the Company. Stump came highly recommended by BDO Seidman, EDII's auditors.
EDII further stated that it has finalized the previously announced acquisition of Acqueren, Inc. and wholly owned subsidiary, Northeastern Plastics, Inc. Acqueren is a holding company with cash in
excess of $2,000,000 and owns 100% of NPI. NPI was founded in the early 1960's and supplies numerous automotive and electrical products to retailers, wholesalers and the automotive after market. Clients include Wal-Mart, Sam's Club, Price/Costco, Walgreens, Echerd Drugs, and Family Dollar, among many others. NPI sales of the next twelve months are projected at about $10,000,000. The acquisition will not encumber the company with any debt and the shares exchanged for the acquisition are totally restricted.
On July 9, 1998 EDII declared a 10% stock dividend payable to shareholders of record Aug. 30, 1998.
EDII has five divisions: industrial, financial, oil and gas, real estate and media communications/entertainment. EDII, with its liquidity, assists it 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:
American International Industries, Inc.
John Stump or Rebekah Ruthstrom, 281/334-4764 |
