DELTA SEABOARD was worth $48 million in 2006. Now that HMDI owns them, HMDI is worth at least that. Opens above $1 monday no doubt.
Kemah, Texas – June 13, 2006 American International Industries, Inc. (OTCBB: AMIN) (the "Company") today announced an update on the previously issued release dated 04/17/06, relating to the sale of its subsidiary, Delta Seaboard Well Service, Inc. ("Delta") to CFO Resources, Inc. ("CFO") for $48,000,000. CFO’s President, Steve Jones, requested an additional 30-45 day extension to complete due diligence and to finalize investment banking agreements with certain London based investment firms, at which time CFO will be able to execute a definitive legally binding agreement and make a $1,000,000 non-refundable cash deposit with the Company.
The Company has been advised by CFO that it has engaged legal and accounting professionals to conduct the appraisals of Delta’s oil-field equipment together with equipment of other oil and gas service companies that CFO has contracted to acquire. The Company believes, based upon its communications with CFO and the progress of the due diligence, the sale of Delta could close within approximately 90 days.
Delta is experiencing significant growth in 2006, with a substantial back-log of orders, a substantial increase in pipe sales revenues and increasing profit margins.
American International Industries, Inc. is a holding company. The Company has holdings in Industrial/Commercial, Oil and Gas Services, Finance, and Real Estate in Houston, Texas area. The vision of the Company is to acquire controlling interests in undervalued companies and assets and to take an active role in its subsidiaries, in order to generate growth and profitable operations by providing its subsidiaries with access to capital, leveraging synergies and using the Company’s management expertise. As a holding company, AMIN achieves economies of scale by consolidating administrative functions for each of its subsidiaries.
