Unlimited Coatings acquires controlling equity in Hammonds Technical Services
An application also has been submitted to have Unlimited Coating's shares become subject to quotation on the NASDAQ Bulletin Board. And the company will changing its name to International American Technologies Inc. to reflect the new business direction..
KEMAH, TX, March 3, 2005 (BUSINESS WIRE) -- American International Industries Inc. (AMIN) announced that Unlimited Coatings Corp. (UCCD), its publicly traded subsidiary, has signed a definitive agreement to acquire a 51% equity interest in Hammonds Technical Services Inc.
An application also has been submitted to have Unlimited Coating's shares become subject to quotation on the NASDAQ Bulletin Board.
Founded in 1982, Hammonds Technical Services Inc. provides the following diverse products and services:
1. Water and treatment for municipal and industrial use -- The production and treatment of municipal and industrial water continues to gain attention as our nation's demand for clean, safe water grows. Hammonds' proprietary solid disinfection technology has been a major alternative to gaseous chlorine used in every phase of water treatment. Municipal drinking water, food processing and industrial waste treatment presents unlimited growth potential for the company's water treatment patents. It will distribute 1.2 million pounds of calcium hypochlorite for municipal disinfection through its network of equipment distributors and food processing customers in 2005.
2. Fuel handling equipment, industrial utility vehicles -- The design and manufacture of fluid handling equipment and industrial utility vehicles. Hammonds' fluid powered additive systems helped pave the way for a single battlefield fuel by supplying both distribution and tactical additive injectors to all branches of the United States military. The company continues to dominate military additive injection through sole source supply of equipment for long-term contracts as our militaries evolve their fuel handling technology.
3. Additive injection fuels -- The industry standard for additive injection of general and commercial aviation fuels. The company truck mounted injectors are the technology of choice for major U.S. marketers of jet fuel in providing custom blending at the end of the hose for not only jet fuel, but a wide range of products including diesel, LPGN (propane), home heating oil, and bio-diesel. In January 2005, it began a long-term program to install dye injection systems in over eight hundred Canadian and U.S. stationary and truck mounted diesel delivery installations and, in addition to equipment, Hammonds fuel additive division produces and markets motor and aviation fuel additives with Biobor JF as its primary product serving the aviation, stand-by power and marine fuel markets. While Biobor JF is one of only two biocides approved for use in aviation fuels; it has been tested and approved as a preservative for manufactured wood products such as engineered trusses, windows and sheet building materials. The expanding use of these manufactured wood products promises a new expanded market for Biobor JF since products such as arsenic have been removed from the list of approved wood preservatives.
4. Multi design patents -- An exclusive assignment of multiple design patents, Hammonds will begin production in March of 2005 of an entirely new class of industrial utility vehicles called the "Omni Directional Vehicle" (ODV). This revolutionary concept rewrites the standards for utility vehicle safety and performance. Forklifts, freight terminal tractors, security vehicles, industrial highway mowers and a full range of aviation ground handling vehicles are dramatically enhanced from this patented design. In addition to producing several ODV products at its new plant in Conroe, Texas, the company will enter into license agreements with several major manufacturers to produce a range of vehicles based on ODV patents.
Hammonds president and founder Carl Hammonds stated that he expects the company to generate revenues in excess of $7 million and becoming profitable during the next 12-month period. He's currently negotiating for royalty payments with some of the major manufacturers of these products.
UCCD will be changing its name to International American Technologies Inc. to reflect the new business direction of the company. The consideration paid by UCCD will be a combination of cash and restricted shares of American International Industries Inc. (valued at $10.00 per share). In addition, AMIN will provide Hammonds with certain lines of credit to improve its working capital.
Hammonds is a Houston native and founded Hammonds Technical Services (www.hammondscos.com) there to change the way aviation fuels were blended and distributed. Building on a career in fluid handling and power transmission, he uses his experience managing several Houston companies to innovate products that answer specific market needs. Holder of 16 awarded and pending United States patents, Hammonds' designs in fuel and water treatment have become industry standards and are sold in all major international markets.
American International Industries Inc. (www.americanii.com) is a growing diversified holding company (similar to the GE, Tyco and Berkshire Hathaway business models), with interest in Industry, Finance, Real Estate and Oil & Gas.