American International Industries, Inc. Reports First Quarter Results and Files Proxy Statement.

Business Editors

KEMAH, Texas--(BUSINESS WIRE)--May 16, 2002

American International Industries, Inc. (OTCBB:EDII) reports that the consolidated net loss for the three-month period ended March 31, 2002 was $124,022 compared to consolidated net income of $1,494,988 for the comparable period of the prior year. The consolidated net income for the three-month period ended March 31, 2001 was primarily attributable to the gain on sale of our subsidiary, Har-Whit/Pitt's & Spitt's. Please refer to our Form 10-QSB filed May 13, 2002.

John W. Stump, III, Chief Financial Officer, explained that during the current quarter, net revenues for the three-months ended March 31, 2002 were $1,802,065 compared to $1,886,756 for the three-months period ended March 31, 2001. Further, the company recently filed its Schedule 14A, proxy statement announcing its Annual Meeting of Stockholders to be held in Kemah, Texas on, June 18, 2002.

American International Industries, Inc. is a growing holding company. The Company has holdings in Industry, Finance, Real Estate in Houston Texas and surrounding areas, and Oil & Gas. 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 economics 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.

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.