Houston & Kemah, Texas, June 26, 2014 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCBB: AMIN) ("American" or the "Company"), today announced the approval by its board of directors to repurchase up to $1,000,000 worth of its common stock.
The board's decision is based on the fact that the present market cap of AMIN is approximately $3,000,000, which is significantly below the Company's book value of over $8,000,000. Mr. Daniel Dror, Chairman and Chief Executive Officer of AMIN stated "We believe the authorization of a share repurchase program at this time is a reflection of the board's confidence and commitment to enhancing shareholder value."
Depending on market conditions and other factors, repurchases may be commenced or suspended at any time, or from time-to-time, without prior notice. Share repurchases under this program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions or otherwise, or by any combination of such methods. The timing and actual number of shares repurchased will depend on a variety of factors including the common share price, corporate and regulatory requirements and other market and economic conditions. The Company is not obligated to acquire any particular amount of common stock as a result of the plan, which may be suspended or discontinued at any time at the company's discretion.
On March 31, 2014, the Company announced its agreement to sell 174 acres in Waller, Texas for a total consideration of $3,350,000. The purchaser extended the closing of this transaction to be on or before July 25, 2014.
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American International Industries, Inc. is a diversified holding company of subsidiaries with interests in the automotive and consumer retail industry, real estate, 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.
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.
Investor Relations: Rebekah Ruthstrom Tel: 281-334-9479 email: firstname.lastname@example.org
Source:American International Industries, Inc.