HOUSTON and KEMAH, Texas, Jan. 20, 2016 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCBB:AMIN) today announced that its wholly owned subsidiary, American International Texas Properties, Inc. entered into a contract to purchase 521 acres in Waller County, Texas (just outside of the city limits of Houston, Harris County, Texas). The contract has been deposited and accepted by Stewart Title Company of Houston. The closing of this transaction is to take place in five months. The company believes that with additional earnest money the closing may be extended if necessary. The property is located with over a mile frontage on Highway 290 which is the main road between Houston and Austin, Texas. The city of Houston growth has been mostly North and North West which is where the property is located. The company is in serious negotiations with developers specializing in master planned communities which include schools, houses of worship and amenities such as club houses, tennis courts, lakes, etc. The area where the property is located has been growing faster than most other areas in the Houston vicinity. A 4,000,000 square foot manufacturing facility development by Daikin, a Japanese company (the parent company of Goodman A/C) is close to the 521 acre location. It is projected that between four – six thousand new jobs will be added to the area by this development. The Company did not disclose the purchase price of the property; however, the asking price and the sales price of different properties in the area were in excess of $40,000 per acre.
American International Texas Properties, Inc. owns large tracts of land, primarily with agricultural tax exemption, leased to farmers. The properties are located in the path of growth of the City of Houston and Galveston County. All of its properties are listed for sale with Caldwell Companies for a consideration higher than the amount that the company carries these properties on its books. Last year the company sold one of its properties, 174 acres in Waller County, Texas for $3,350,000 which netted the company a profit of $1,600,000 after tax. The Company has a tax loss carry forward of approximately $20,000,000.
American International Industries, Inc. is a diversified holding company which operates autonomously from its subsidiary companies with interests primarily in real estate. In addition to its present holdings in the energy field the company is searching for potential acquisitions and exploration of petroleum resources in the United States. The vision of the Company is to expand its interests in the energy sector through the acquisition of existing assets, and apply its financial resources and management expertise to improve each of its independent subsidiary’s revenues, operations and profitability.
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.
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Source:American International Industries, Inc.