Delta Seaboard Well Service, Inc., a Subsidiary of American International Industries, Inc., Announces Settlement of the Fort Apache Lawsuit

HOUSTON and KEMAH, Texas, Jul 23, 2008 (PrimeNewswire via COMTEX) -- AMIN | Quote | Chart | News | PowerRating -- American International Industries, Inc. (Nasdaq:AMIN) today announced that Delta Seaboard Well Service, Inc., a 51% owned subsidiary of American International Industries, Inc., has successfully negotiated a settlement in the Fort Apache Energy, Inc. v. Delta Seaboard Well Service, Inc. lawsuit. The terms of the settlement are subject to a confidentiality agreement. Management believes that the settlement amount will be recoverable through insurance.

In the case of Delta Seaboard Well Service, Inc. v. Houstoun, Woodard, Eason, Gentle Tomforde and Anderson, Inc., D/B/A Insurance Alliance and Robert Holman (Broker Lawsuit) the court has denied to the broker the motion for summary judgment and has ordered the parties to mediation. Delta's claim in the Broker Lawsuit is dependent upon Delta not prevailing in the Gemini Insurance Company v. Delta Seaboard Well Service, Inc. lawsuit. Delta's attorneys are pursuing a joint mediation in these two lawsuits.

Additionally, Delta filed a claim for coverage with AIG Specialty Lines Insurance Company (AIG). While AIG denied coverage, Delta's attorneys believe they should prevail against the grounds AIG used to deny the claim.

Notwithstanding the outcome of the insurance coverage, Delta believes that it will have record revenues for the quarter ended June 30, 2008 and have sufficient profits to cover a substantial portion of the settlement amount.

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 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, 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 PrimeNewswire, www.primenewswire.com

SOURCE: American International Industries, Inc.

American International Industries, Inc. Investor Relations: Rebekah Ruthstrom 281-334-9479 amin@americanii.com

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