HOUSTON and KEMAH, TX, July 18, 2011 (GlobeNewswire via COMTEX) -- American International Industries, Inc. /quotes/zigman/307835 AMIN -1.69% ("American" or the "Company") today announced that it has acquired an additional 65 acres of land located in Galveston County, Texas (the "Property"), which is free and clear of any liens or encumbrances.
The Property is in close proximity to the 287 acre waterfront property that is owned by American's wholly-owned subsidiary, American International Texas Properties, Inc.
The Property, which has been appraised by an independent third-party appraiser at a fair market value of $1,900,000, was acquired from Kemah Development Texas, L.P. ("KDT"), an entity owned and controlled by the brother of American's CEO.
The consideration for this acquisition was paid through the issuance to KDT of 1,460,000 restricted shares of the Company's common stock, valued at $861,400, based on the closing market price of $0.59 on July 8, 2011. Mr. Scott Gaille (top right photo), President of American, stated that "the board of directors of American has approved the purchase of the Property and intends to assign title of the Property to our wholly-owned real estate subsidiary which owns a portfolio of strategically located parcels of land in Houston and Galveston County, Texas.
“We expect our properties to appreciate in value, despite the weakness being experienced in other parts of the country.Further, we believe that real estate holdings such as ours are hard assets that will provide a substantial return on our investment in the same manner that gold, oil, and other hard assets have provided.
“While the properties owned by the Company's subsidiary, American International Texas Properties, Inc., are mostly leased to farmers and have an agricultural tax exemption, all of our properties are zoned to permit commercial development and use."
Investors can view real time stock quotes for AMIN with market depth (Level 2) at www.otcmarkets.com/stock/AMIN/quote
For a complete copy of the company’s news release, please contact
Rebekah Ruthstrom Tel: 281-334-9479 Email: amin@americanii.com
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