HOUSTON, April 16, 2015 /PRNewswire/
-- Arbitration hearings have been scheduled for
May 8, 2015 and May 13-15, 2015 regarding breach of contract,
defamation and fraud claims for at least $131,081.21 filed against American International
Industries, Inc. ("American"; Ticker: AMIN), and its CEO,
Daniel Dror, by Scott Wolinsky, a former director of American,
and Maria T. Wolinsky, his wife.
On December 16, 2014, American and
Dror filed a Form 8-K with the U.S. Securities and Exchange
Commission ("SEC") indicating that it owed $131,081.21 to the Wolinskys to satisfy the
remaining balance of a $200,000
non-interest bearing corporate note, guaranteed by Dror and having
a maturity date of September 30,
2014. The SEC Form 8-K alleges that American did not pay the
Wolinskys because they had violated a stock purchase agreement by
not delivering their remaining 17,940 AMIN shares to American's
brokerage account. American has repeated its allegations in its
April 15, 2015 SEC Form 10-K.
On July 1, 2014, American and Dror
elected an option of the stock purchase agreement to direct the
Wolinskys to sell their AMIN shares into the open market, rather
than American purchasing those shares. However, after instructing
the Wolinskys to sell 45,600 AMIN shares into the open market, no
additional instructions were provided to the Wolinskys that would
enable them to dispose of their remaining 17,940 AMIN shares.
On the September 30, 2014 maturity
date of the corporate note, Richard
Rubin, counsel for American and Dror, sent several emails to
the Wolinskys and their counsel requesting the Wolinskys to grant
an extension for American and Dror to pay the remaining balance of
the corporate note, which the Wolinskys denied.
Contrary to American's allegations, the Wolinskys have confirmed
via email with the branch manager of American's brokerage
(identified in American's April 15,
2015 10-K) and a Vice President of the brokerage's downtown
Houston office that the delivery
of AMIN shares in exchange for payment by American's brokerage is
not permitted.
The Wolinskys are represented by attorney Andrew K. Meade of Hawash Meade Gaston Neese
& Cicack LLP (2118 Smith Street, Houston, Texas 77002, telephone (713)
658-9001, website http://www.hmgnc.com), and attorney Robert J. Kruckemeyer (800 Commerce Street,
Houston, TX 77002, telephone (713)
226-5175, website http://www.kruckemeyerlaw.com).
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SOURCE Scott Wolinsky