American International Industries, Inc. Announces Update on Stock Repurchase Program - an Additional 237,300 Shares Have Been R
August 23 2012 - 1:41PM
American International Industries, Inc. (OTC:AMIN) ("American" or
the "Company"), supplementing its announcement of August 22, 2012,
that it had repurchased approximately 1,000,000 shares of its
common stock in the open market, today announced that it had
repurchased an additional 237,300 shares in the open market,
bringing its total repurchase of stock during the current week to
1,237,300 shares, equal to approximately 8% of American's
outstanding shares.
Daniel Dror, Chairman and CEO, stated that "since 2011, we have
greatly reduced our overhead and debt, and have significantly
increased our cash flow and improved our liquidity. We plan to
continue to buy back our shares from time to time, primarily using
our working capital, based upon our firm belief that our shares are
greatly undervalued in view of American's substantial assets."
Please visit our website at http://www.americanii.com/
American International Industries, Inc. is a diversified holding
company of subsidiaries with interests in the automotive and
consumer retail industry, real estate, oil well site supply and
services, intellectual property, and the acquisition of petroleum
resources in the United States, coupled with international
exploration. The vision of the Company is to expand its interests
in the energy sector through the acquisition of existing
businesses, and apply its financial resources and management
expertise to improve each subsidiary's revenues, operations and
profitability. As part of American's strategic planning, American
acquires and sells certain assets, including subsidiaries and
properties, from time to time, to take advantage of market
opportunities.
Forward-looking Statement:
This press release may contain forward-looking statements,
including information about management's view of the Company's
future expectations, plans and prospects, within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995 (the "Act"). In particular, when used in the preceding
discussion, the words "believes," "expects," "intends," "plans,"
"anticipates," or "may," and similar conditional expressions are
intended to identify forward-looking statements within the meaning
of the Act, and are subject to the safe harbor created by the Act.
Any statements made in this news release other than those of
historical fact, about an action, event or development, are
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,
among others:, continued value of our real estate portfolio; the
strength of the real estate market in Houston, Texas as a whole;
the ability to expand its interests in the energy sector; increased
levels of competition; the dependence upon financing, the
rules of regulatory authorities and risks associated with any
potential acquisitions. These statements involve known and unknown
risks, uncertainties and other factors, which may cause the results
of the Company, its divisions and concepts to be materially
different than those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
the Company files with the Securities and Exchange Commission,
including but not limited to, its Form 10-Ks, Form 10-Qs and Form
8-Ks. Other unknown or unpredictable factors also could have
material adverse effects on the Company's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, the Company undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to
update or correct information prepared by third parties that are
not paid for by the Company.
CONTACT: Investor Relations:
Rebekah Ruthstrom
Tel: 281-334-9479
email: amin@americanii.com
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