American International Industries Inc. Reports Third Quarter Results.

Business/Energy Editors

KEMAH, Texas--(BUSINESS WIRE)--Nov. 13, 2001

American International Industries Inc. (OTCBB:EDII) reports net income of $866,384 for the quarter ended Sept. 30, 2001 compared to net income of $64,473 for the same period in the previous year. For the nine months ended Sept. 30, 2001 the company reported net income of $2,365,710 or $0.02 per share, which compares to a year-to-date loss last year of $478,357.

John W. Stump, III, chief financial officer, explained that during the current quarter, the sale by the Company's Real Estate Division of Houston property, having a cost basis of $54,000, yielded proceeds of $427,500. Northeastern Plastics reported operating income of $376,445 and Unlimited Coatings posted profits of $28,624. Also contributing to the current quarter results, the Company recorded a $150,000 adjustment related to the cancellation of shares of Company stock which had been issued during the first calendar quarter as consulting expense. Efforts to reduce property tax assessments resulted in the significant reduction of the reserves necessary to satisfy those obligations. This resulted in a $140,000 reduction in tax expenses.

American International Industries Inc. is a growing holding company. The Company has holdings in industry, finance, real estate in Houston and surrounding areas, and oil and 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 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.