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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. CONTACT: Growth International Ltd. George Guttman, 718/951-0260 | ||||||||||||||
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