Message #37 From:
Stock News Bot Date: January 17, 2007 07:56:00 AM
AMIN News American International Industries, Inc. Approves Stock Repurchase Program
KEMAH, Texas--(BUSINESS WIRE)--American International Industries, Inc. (OTCBB:AMIN) today
announced that its Board of Directors has approved a stock repurchase
program, effective January 12, 2007. Under the program, American
International Industries, Inc. is authorized to repurchase up to $3
million of its outstanding shares of common stock from time to time over
the next three years, depending on market conditions, share price and
other factors. The Board of Directors believes that the price of the
Company’s common stock is presently
undervalued.
The repurchases may be made on the open market, in block trades or
otherwise. The program may be suspended or discontinued at any time.
"This stock repurchase program demonstrates the confidence we have in
our Company and shows our commitment to deliver long-term shareholder
value," said Daniel Dror, Chairman and Chief Executive Officer of the
Company. "The cash productivity of our business model enables us to
actively invest cash in areas that we believe will drive future value
for shareholders, such as stock repurchases."
The stock repurchase program will be funded using the Company's working
capital. As of December 31, 2006, the Company had liquidity in excess of
$12 million.
As of January 12, 2007, the Company had approximately 5,400,000 common
shares outstanding.
In May 2002, the Company’s board authorized a
similar repurchase of common shares, which resulted in the buyback of
fewer than 10,000 shares.
About American International Industries, Inc.
American International Industries, Inc. is a holding company. The
Company has holdings in Industry, Finance, and Oil & Gas. In addition,
the Company has a 300 acre holding in Real Estate in the Houston, Texas
area that is under contract for sale for $16 million. The vision of the
Company is to develop holdings in various industries through acquisition
of existing companies, applying the 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 the 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
corporate personnel across all units. The Company is continuing to work
with management of the subsidiary companies to increase revenues and
improve operations and profitability.
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 strength in the oil
and gas sector as a whole, continued acceptance of products and services
offered by the Company’s subsidiaries,
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.
