OTCDD

[xxrayeyes]

EDII (OTCBB) American International Industries Inc. Announces Sale of 50% of Its Real Estate Holdings for $6,000,000

THURSDAY , JUNE 13, 2002 08:01 AM

KEMAH, Texas, Jun 13, 2002 (BUSINESS WIRE) -- American International Industries Inc. (OTCBB:EDII) announced today that EDII and its subsidiary companies, Texas Real Estate Enterprises Inc. ("TREE") and MidCity Houston Properties Inc. ("MidCity"), have sold approximately 50% of their real estate holdings to the development subsidiary of SurgiCare Inc., an American Stock Exchange listed company, a leading operator of ambulatory surgical centers in the Greater Houston Area, in a transaction valued at 6 million dollars. For additional details please check the EDGAR for SEC filings. This transaction will result in a substantial gain to EDII of approximately $5,600,000 or $0.04 per share. As a result of the sale of the properties the book value of EDII will increase to $0.08 per share.

Daniel Dror, chairman, commented, "this transaction converted non-liquid real estate assets into liquidity and financial assets for EDII and positions the Company nicely to expand its plans for growth. It is our opinion that SRG is a well managed company and this transaction is a "win-win" for both EDII and SRG."

On May 22, 2002 EDII announced the buy back of up to 30,000,000 shares of company common stock (approximately 20% of all of its outstanding shares.) The board of directors felt that EDII shares on the open market were substantially undervalued.

American International Industries Inc. is a holding company. The Company has holdings in industry, real estate in Houston and surrounding areas, and owns an oil & gas royalties' interest. The vision of the Company is, in addition to internal growth, to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include without limitations, continued value of our real estate portfolio, the strength of the real estate market in Houston as a whole, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof.



CONTACT: American International Industries Inc., Kemah
Investor Relations:
Rebekah Ruthstrom, 281/334-9479
Fax: [phone]
E-mail: [e-mail]
www.americanii.com

URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.



Copyright (C) 2002 Business Wire. All rights reserved.



Disclaimer
http://www.investorshub.com/boards/read_msg.asp?message_id=135097