More Topics:
American International Industries, Inc. Announces Acquisition of 65 Acres for Its Wholly-owned Subsidiary, American Int'l Texas Properties, Inc.
Posted July 18, 2011
We Recommend...
Houston and Kemah, Texas -- American International Industries, Inc. AMIN -1.69% today announced that it has acquired an additional 65 acres of land located in Galveston County, Texas, 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., 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, 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."
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance and Oil & Gas, and has a significant Real Estate portfolio, all in Houston, TX and its surrounding areas. The vision of the Company is to further develop holdings in its core industries and plans to expand its interests in the energy sector 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 improve revenues, operations and profitability.
Investors can view real time stock quotes for AMIN with market depth (Level 2) at www.otcmarkets.com/stock/AMIN/quote
To find out more about the company in this article and to see if you
have business connections, click below:
-
American International Industries
blog comments powered by