American International Industries Inc. Announces Investment in SurgiCare Inc.

Business Editors/Health & Medical Writers

KEMAH, Texas--(BUSINESS WIRE)--Nov. 20, 2002

American International Industries Inc. (OTCBB:AMIN) today announced that it has reached an agreement to invest in SurgiCare Inc. (AMEX:SRG), a leading operator of ambulatory surgical centers in the Greater Houston area. Pursuant to the agreement, 300,000 shares of SRG Preferred Stock, valued at $1.5 million, which AMIN received from SRG in conjunction with the sale of real estate, are immediately converted into 3,658,537 shares of SRG Common, a conversion rate of $0.41 per share. After the conversion, AMIN continues to hold 900,000 shares of SRG Preferred valued at $4.5 million.

Evidencing its confidence in the new management team at SRG, AMIN, or its designee, will also invest $1 million in cash, and in exchange, will receive 2,439,024 Common shares of SRG. Management of SRG has assured AMIN that an additional $2,500,000 cash investment in SRG will be funded through a private placement with an investment fund no later than Jan. 31, 2003. AMIN, as the largest single shareholder of SRG, believes that the SRG business plan and vision is sound, and that expansion and acquisitions of additional surgical centers will increase revenues and improve profitability through leveraging the infrastructure that is already in place.

Chairman Daniel Dror, commented, "We have developed an excellent relationship with the SRG management team and are confident that their development and business plans will be successful."

American International Industries Inc. is a holding company. The company has holdings in industry, finance, and real estate in Houston 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 economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII is continuing to work with management of the subsidiary companies to improve revenues, 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 value of our real estate portfolio, the strength of the real estate market in Houston 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.