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

To: Needticker who wrote (4333)	1/2/1999 9:25:00 PM
From: jhild	Respond to of 4814

Let's look at an early press release by EDII and look at what was really going on behind the scenes. Maybe you all remember this little release from May 11: Energy Drilling Industries Inc. Receives Line of Credit From SouthWest Bank of Texas and Corporate Headquarters Moves KEMAH, Texas--May 11, 1998--Energy Drilling Industries Inc. (OTCBB:EDII -) announced today the company arranged for a line of credit with SouthWest Bank of Texas. The bank funded $800,000 to one of the subsidiaries of Energy Drilling Industries Inc. The bank loan limit to one customer is $18,000,000. Energy Drilling Industries Inc. intends to use additional funds of its line of credit to acquire three previously announced acquisitions, Acqueren Inc., Cinema Research Corp., and Intile Designs Inc [OTC BB:IDES} Oh how I remember how rhapsodied the touters were at this supposed $18M line of credit. Oh how I remember saying that this was a misleading statement and that the Press Release said no such thing. Well guess what? There is no $18 million line of credit. In fact there is barely borrowings of $1.7 million. It seems that by looking through the filing that one can find that there was once a credit facility for $3Million, but it was paid down in January of 1998. What there was/is is a $150,000 note payable secured by receivables at 10&#189% due by March 18, 1999 and another note for about $640,400 bearing interest at 9&#190%, due in February 2003. And there was subsequently another note payable associated with the purchase of CRC/DRC, in the amount of $1M. But even factoring this in comes no where near any $18 million possibility. So why mention it at all? Certainly no intent to confuse was involved here was there Danny?) So tsk, tsk, tsk Danny Dror for putting out a misleading press release like that. sec.gov