HOUSTON, Texas /eNewsChannels/ — NEWS: 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”; OTC:AMIN / OTCMKTS: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 in their December 16, 2014 SEC Form 8-K and April 15, 2015 SEC Form 10-K, 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, as is the same case for the Wolinskys’ own brokerage.
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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