HOUSTON and KEMAH, Texas, March 30, 2010 (GLOBE NEWSWIRE) -- Mr. Daniel Dror, Chairman and CEO of American International Industries, Inc. (Nasdaq:AMIN), today announced that its subsidiary, Delta Seaboard Well Service, Inc. ("Delta"), has completed its reverse merger with Hammonds Industries, Inc. (Pink Sheets:HMDI), as a result of which Delta has become a wholly-owned subsidiary of Hammonds. In connection with the transaction, Hammonds' name will be changed to Delta Seaboard International, Inc.
The Company has prepared all documentation for submission to FINRA necessary to implement the name change and the 1:10 reverse split. Upon the effective date of the name change and the reverse split, Delta will be issued a new trading symbol. In addition, Delta is working with a market maker to prepare and file a Form 211 pursuant to SEC Rule 15c2-11 to become eligible for quotation on the OTCBB.
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.
Delta Seaboard Well Service, Inc. is an onshore rig-based well-servicing contracting company providing services to the oil and gas industry.
Forward-Looking Statements:
The matters discussed in this release contain forward-looking statements 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.