American Industries Ltd

AMERICAN INDUSTRIES, LTD., THROUGH ITS WHOLLY-OWNED SUBSIDIARY, SAVAHAI, INC., HAD BEEN ENGAGED IN THE EXPLORATION OF ITS MINING PROPERTIES. DUE TO BANKRUPTCY PROCEEDINGS, SUBSTANTIALLY ALL OF THE COMPANY'S RIGHTS, TITLES AND INTEREST IN REAL PROPERTY, INVENTORY, EQUIPMENT AND FURNISHINGS WERE SOLD. THE COMPANY CON- DUCTED NO OPERATIONS FOR THE YEAR PRIOR TO 03/90.