HOUSTON and KEMAH, Texas, May 18, 2010 (GLOBE NEWSWIRE) -- American International Industries, Inc. (Nasdaq:AMIN), Mr. Daniel Dror, Chairman and CEO, announced today that the board of directors of American International Industries, Inc. has declared a special dividend of shares of common stock of its subsidiary, Brenham Oil & Gas, Inc. (BOG) to AMIN shareholders. AMIN shareholders of record (Record Date to be announced), will be issued one share of BOG common stock for each share of AMIN common stock owned and held on the Record Date. The BOG shares distributed to the non-affiliated shareholders of AMIN will represent approximately 10% of all shares outstanding of BOG after the distribution. AMIN has engaged counsel to prepare a registration statement on Form S-1 in order to register the BOG shares being distributed to AMIN shareholders. The Company expects that the BOG shares will be issued to AMIN shareholders in July 2010, and AMIN's non-affiliated shareholders will have registered, free-trading shares as soon as the SEC declares the registration statement effective. BOG will then be a separate publicly-traded company.
Mr. Dror stated, "This stock dividend reflects the Board's continued policy in creating and delivering additional value to its shareholders by providing a direct benefit to them in the future growth of BOG. BOG's plan of operation is to acquire a portfolio of oil and gas assets in North America and West Africa and large oil concessions in West Africa."
This special dividend is considered a property dividend and not a stock dividend.
In the matter of Delta Seaboard International, Inc. (Delta) / Hammonds, the SEC has approved the filings for Delta. Delta is expecting FINRA's approval and the receipt of its new symbol within the next few days.
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.
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 acceptance of our products and services, continued growth in the energy sector, increased levels of competition, the dependence upon adequate financing, third party suppliers and the ability to hire and retain qualified management for its operating subsidiaries, and the regulatory environment in the segments in which we operate. 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.