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Shumate Industries Announces Closing of the Sale of Assets of its Shumate Machine Works Subsidiary to American International Industries, Inc.

Publication: PR Newswire
Publication Date: 09-OCT-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
CONROE, Texas, Oct. 9 /PRNewswire-FirstCall/ -- Shumate Industries Inc. (BULLETIN BOARD: SHMT) announced today that it has consummated the sale of Shumate Machine Works' assets to American International Industries, Inc. or ("American") effective October 8, 2008. American intends to operate its newly acquired machining and manufacturing business through its wholly-owned subsidiary Shumate Energy Technologies, Inc. and will utilize the 30,000 square foot facilities in Conroe, Texas previously occupied by Shumate Machine Works for such purpose.

As previously disclosed in the proxy statement sent to our shareholders for the August 6, 2008 special meeting, Larry Shumate resigned as Chairman and CEO of Shumate Industries effective...

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