KEMAH, Texas, July 24, 2008 (PRIME NEWSWIRE) -- American International Industries, Inc.'s (Nasdaq:AMIN) Chairman and CEO, Mr. Daniel Dror, today announced that Westfield Forest, L.P., which is in contract to purchase the Company's 287 acre parcel located in Galveston County, Texas for $16,000,000, requested to extend the closing date to October 31, 2008. The Company has agreed to the extension, but in the event the closing does not occur on or before October 31st, the contract shall become null and void. The Company further advised Westfield and McDade, Smith, Gould, Johnson, Mason, Real Estate Brokerage firm in Houston (the listing agent for the property), that on November 1, 2008, the Company will increase the listing sales price of the property to $24,000,000, due to the fact that the property is in a rapidly growing Galveston / Houston, Texas metropolitan area and real estate in the surrounding areas have increased substantially in value in the past 24 months.
The Company is willing to continue working in good faith with Westfield until October 31, 2008, since Westfield has expended funds, time and effort in pursuing the development of this property. Due to the large water frontage of the property, the engineering necessary for the development of the site is both complex and lengthy. The preliminary plans for the development can be viewed at the Company's website www.americanii.com.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and Real Estate in Houston Texas and surrounding areas, and Oil & Gas. The vision of the Company is 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. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.
Private Securities Litigation Reform Act Safe Harbor Statement: 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, Texas 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.