HOUSTON and KEMAH, Texas, Aug. 01, 2016 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTC:AMIN) today announced that its wholly owned subsidiary, American International Texas Properties, Inc. entered into a contract for sale of the 15.80 acres on Airport Blvd in Houston, Harris County, Texas. The property is being purchased for the purpose of building a school.
The cash consideration for the tract of land is $1,548,558.00. The earnest money contract has been deposited with Alamo Title Company. The closing of the sale of the land is scheduled for 90-days from the date of the contract with two 30-day extension provisions. The closing of the transaction is subject to the normal due diligence period.
The company previously announced on March 23, 2016 the sale of two other properties, 65 acres and 96 acres. The closing of the sale of these two properties have been extended for an additional due diligence period.
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.