American International Industries, Inc. Acquires MidTowne Properties, Inc.KEMAH, Texas--(BUSINESS WIRE)--July 14, 1998--American International Industries, Inc. (formerly, Energy Drilling Industries, Inc.) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EDII EDII Entrepreneurship Development Institute of India ) announced today it acquired 100% of MidTowne Properties, Inc. ("MPI MPI - Message Passing Interface "), a Texas corporation, incorporated in 1994. MPI is a real estate investment company with properties in Houston, Harris County, Texas Harris County is a county located in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. As of 2000 U.S. Census, the county had a population of 3.4 million (though a 2006 estimate placed the population at nearly 3. . MPI has a net book value of $2,500,000 and will be merged into Texas Real Estate Enterprises, Inc. ("TREE"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of EDII. EDII issued 1,100,000 restricted shares of common stock for 100% of all shares outstanding of MPI. The EDII shares exchanged were based on a value of $2.40 per share. This acquisition will enhance the real estate holdings of TREE. Houston's economy is no longer dependent on the energy industry. The largest Medical Center in the world is located in Houston, and large computer and software companies such as Compaq and BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. are based in Houston. The real estate market is good and the company believes that its portfolio of properties is a very valuable asset. On July 9, 1998 EDII declared a 10% stock dividend payable to shareholders of record August 30, 1998. EDII has five divisions: industrial, financial, oil and gas, real estate and media communications/entertainment. EDII, with its liquidity, assists its subsidiaries, to build vertically, each division in its own field. This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes, the company's dependence on financing, third-party suppliers and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual reports, offering memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. or prospectus.
CONTACT: Growth International Limited, 718/951-0260
Joe Gort, 800/778-9204
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