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AMIN News American International Industries, Inc. Update on Letter of Intent to Sell Its Subsidiary, Delta Seaboard Well Service, Inc.

Mr. Daniel Dror, Chairman and CEO, today announced an update to the April 17, 2006 news release that the Company had entered into a letter of intent with CFO Resources, Inc. (CRI) to sell its subsidiary, Delta Seaboard Well Service, Inc. CRI was granted an initial 30 day period for due-diligence, which was extended for an additional 90 days. CRI was required to make a $1,000,000 good faith non-refundable deposit, but failed to make said deposit. The Company has been advised that CRI has been unable to complete two other energy-related acquisitions from third parties and as a result has advised the Company that it will not be proceeding with the proposed Delta acquisition.

American International Industries, Inc. is a holding company. The Company has holdings in industry, finance and real estate in Houston, Texas and surrounding areas, and oil & gas interests in Texas and Louisiana. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the Company's financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of its subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of the Company's corporate personnel across for each of its subsidiaries. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability.

Private Securities Litigation Reform Act Safe Harbor Statement:

The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects" and similar expressions are intended to identify 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 without limitations, continued value of our real estate portfolio, the strength of the real estate market in Houston, Texas as a whole, continued acceptance of the Company's products and services, increased levels of competition, new products and technology changes, the dependence upon financing, third party suppliers and intellectual property rights, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof.