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8-K - CURRENT REPORT ON FORM 8-K - AMERICAN INTERNATIONAL HOLDINGS CORP. | delta_8k.htm |
EX-10 - EXHIBIT 10.1 - AMERICAN INTERNATIONAL HOLDINGS CORP. | exh_10.htm |
Exhibit 99.1
Delta Seaboard International, Inc. Announces Agreement With Vision
Opportunity Master Fund, Ltd. to Convert All Outstanding Shares of Preferred Stock Into
Common Stock; Stockholder's Equity to Increase by $800,000
HOUSTON and KEMAH, Texas, Jul 27, 2011 (GlobeNewswire via COMTEX) -- Delta Seaboard
International, Inc. (OTCBB:HMDI) ("Delta"), a subsidiary of American
International Industries, Inc. (OTCBB:AMIN) (OTCQX:AMIN), today announced that on June 29,
2011, it entered into an agreement with Vision Opportunity Master Fund, Ltd.
("VOMF"), pursuant to which VOMF agreed to convert 3,769,626 shares of the
Company's preferred stock, constituting all of Delta's outstanding preferred stock, into
3,769,626 shares of common stock and also agreed to waive all accrued dividends payable on
the preferred stock.
In consideration the conversion by VOMF, Delta has agreed to pay a total of $225,000 to
VOMF, of which $50,000 was paid upon execution of the Agreement and the remaining
$175,000, if paid on or before September 30, 2011, will constitute full payment owed to
VOMF. While the Company has the option to make payments at the rate of $20,000 per month,
in which event the consideration payable to VOMF would increase to $250,000, it is the
Company's present intentions to pay the remaining $175,000 amount before September 30,
2011 and therefore receive the discount of $25,000.
Robert W. Derrick, Jr., Delta's president, stated that "under the Agreement, we have
the right to prepay the remaining $175,000 at any time, without penalty or interest and I
am pleased to announce that our intentions are to prepay the full $175,000 amount on or
before September 30, 2011. Upon such payment and VOMF's simultaneous conversion of the
preferred stock into common stock, Delta's Stockholder's Equity will increase from
approximately $2,200,000 to $3,000,000, or approximately 36%."
Delta Seaboard International, Inc. is engaged in the business of providing a broad range
of products and services that are used by oil companies and independent oil and natural
gas companies operating in South and East Texas and the Gulf Coast markets. Delta's
services include workover services, plugging and abandonment, and well-completion and
recompletion services.
Forward-Looking Statements:
This press release may contain forward-looking statements, including information about
management's view of the Company's future expectations, plans and prospects, within the
safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the
"Act"). In particular, when used in the preceding discussion, the words
"believes," "expects," "intends," "plans,"
"anticipates," or "may," and similar conditional expressions are
intended to identify forward-looking statements within the meaning of the Act, and are
subject to the safe harbor created by the Act. Any statements made in this news release
other than those of historical fact, about an action, event or development, are
forward-looking statements. Factors that could cause actual results to differ materially
from those that we may anticipate include, among others: the fluctuations in the price of
oil and gas; the demand for pipes used in the oil and gas industry and its ability to
purchase pipe at advantageous pricing; the opportunity to make strategic acquisitions and
expand its interests in the energy sector; increased levels of competition; the dependence
upon financing, the rules of regulatory authorities and risks associated with any
potential acquisitions. These statements involve known and unknown risks, uncertainties
and other factors, which may cause the results operations to be materially different than
those expressed or implied in such statements. These risk factors and others are included
from time to time in documents the Company files with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other
unknown or unpredictable factors also could have material adverse effects on the Company's
future results. The forward-looking statements included in this press release are made
only as of the date hereof. The Company cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, the Company undertakes no obligation to update
these statements after the date of this release, except as required by law, and also takes
no obligation to update or correct information prepared by third parties that are not paid
for by the Company.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Delta Seaboard International, Inc.
By Staff
CONTACT: CONTACT: Investor Relations:
Rebekah Ruthstrom
Tel: 281-334-9479
email: amin@americanii.com