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American International Petroleum Corporation Announces Withdrawal of Litigation by Plaintiff.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 7, 2002

American International Petroleum Corporation (OTC BB: AIPN) today announced Neste Trifinery Petroleum Services has withdrawn its lawsuit against the Company and its wholly owned subsidiary, American International Refinery, Inc. (AIRI).

The lawsuit, originally filed in 1998 in Harris County District Court, Harris County, TX, asserted various claims and had sought recovery of $20,000,000 in compensatory damages, and an unspecified sum in connection with its claim for recovery of punitive damages. The Company and AIRI had vigorously defended their position that the lawsuit was without merit.

American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in Kazakhstan, and in refining, marketing and transportation of petroleum products in the United States.

Statements herein may be identified as forward-looking for purposes of safe harbor provisions under Section 21E of the Securities and Exchange Commission Act of 1934. Such statements relating to the Company's business, including, all future business of the Company, are subject to risks and uncertainties that could cause actual results to differ materially from those statements, and other risks and factors, identified in the Company's SEC filings.
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Publication:Business Wire
Date:Jan 7, 2002
Words:202
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