HMDI MERGER NEWS BRO!
Update on Status of Reverse Merger Between Delta Seaboard Well Service, Inc. and Hammonds Industries, Inc.
HOUSTON and KEMAH, Texas, Feb 5, 2010 (GlobeNewswire via COMTEX) -- Delta Seaboard Well Service, Inc. (Delta), a majority-owned subsidiary of American International Industries, Inc. (Nasdaq:AMIN), announced today that the board of directors of Hammonds Industries, Inc. (Hammonds) (Pink Sheets:HMDI), has ratified and approved the Reverse Merger Agreement dated August 13, 2009, regarding the reverse merger of Delta into Hammonds. Also, Hammonds' board of directors appointed Daniel Dror, Sherry Couturier, Rob Derrick, Jr., Ron Burleigh, and Steven Plumb to the Hammonds board. The newly appointed board accepted the resignations of Carl Hammonds, John Stump, III, and Richard Richardson as officers and directors of Hammonds.
Hammonds' new board has been informed by its auditors that the audit of its year-end December 31, 2008 financial statements and the review of its 2009 quarterly financial statements should be completed within a few days and ready for filing with the SEC, making Hammonds current with its reporting obligations under the Exchange Act, following which Hammonds' common stock will again be subject to quotation on the OTCBB. Also, Hammonds plans to file the Schedule 14C with the SEC within a few days approving the reverse merger of Delta into Hammonds, a one-for-ten stock split, the election of the new board of directors, and the change in the company name to Delta Seaboard International, Inc. Hammonds has engaged its auditors and counsel to prepare and review a Form 8-K/12g with full disclosure regarding Delta and the required financial statements.
Delta is an onshore rig-based well-servicing contracting company with 7 operating rigs, providing services to the oil and gas industry since 1982. Delta's well site services provide a broad range of products and services, including pipe and tubing, that are used by oil companies and independent oil and natural gas companies operating in South and East Texas, and the Gulf Coast market. Delta's services include workover services, plugging and abandonment, and well completion and recompletion services.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and 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 economies 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 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: American International Industries, Inc.; Hammonds Industries, Inc.
By Staff
CONTACT: CONTACT: American International Industries, Inc.
Investor Relations:
Rebekah Ruthstrom
281-334-9479
amin@americanii.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Asset Backed
SUBJECT CODE: REAL ESTATE
OIL
ENERGY
MERGERS
Hummel
Update on Status of Reverse Merger Between Delta Seaboard Well Service, Inc. and Hammonds Industries, Inc.
HOUSTON and KEMAH, Texas, Feb 5, 2010 (GlobeNewswire via COMTEX) -- Delta Seaboard Well Service, Inc. (Delta), a majority-owned subsidiary of American International Industries, Inc. (Nasdaq:AMIN), announced today that the board of directors of Hammonds Industries, Inc. (Hammonds) (Pink Sheets:HMDI), has ratified and approved the Reverse Merger Agreement dated August 13, 2009, regarding the reverse merger of Delta into Hammonds. Also, Hammonds' board of directors appointed Daniel Dror, Sherry Couturier, Rob Derrick, Jr., Ron Burleigh, and Steven Plumb to the Hammonds board. The newly appointed board accepted the resignations of Carl Hammonds, John Stump, III, and Richard Richardson as officers and directors of Hammonds.
Hammonds' new board has been informed by its auditors that the audit of its year-end December 31, 2008 financial statements and the review of its 2009 quarterly financial statements should be completed within a few days and ready for filing with the SEC, making Hammonds current with its reporting obligations under the Exchange Act, following which Hammonds' common stock will again be subject to quotation on the OTCBB. Also, Hammonds plans to file the Schedule 14C with the SEC within a few days approving the reverse merger of Delta into Hammonds, a one-for-ten stock split, the election of the new board of directors, and the change in the company name to Delta Seaboard International, Inc. Hammonds has engaged its auditors and counsel to prepare and review a Form 8-K/12g with full disclosure regarding Delta and the required financial statements.
Delta is an onshore rig-based well-servicing contracting company with 7 operating rigs, providing services to the oil and gas industry since 1982. Delta's well site services provide a broad range of products and services, including pipe and tubing, that are used by oil companies and independent oil and natural gas companies operating in South and East Texas, and the Gulf Coast market. Delta's services include workover services, plugging and abandonment, and well completion and recompletion services.
American International Industries, Inc. is a diversified holding company, with a business model similar to General Electric, Tyco International, and Berkshire Hathaway. The Company has holdings in Industry, Finance, and 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 economies 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 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: American International Industries, Inc.; Hammonds Industries, Inc.
By Staff
CONTACT: CONTACT: American International Industries, Inc.
Investor Relations:
Rebekah Ruthstrom
281-334-9479
amin@americanii.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
-0-
INDUSTRY KEYWORD: Asset Backed
SUBJECT CODE: REAL ESTATE
OIL
ENERGY
MERGERS
Hummel
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