SOURCE: Consolidated American Industries Corporation

March 30, 2006 09:20 ET

Consolidated American Industries Acquires Assets

Formation of VersaStone of Florida Corporation

TAMPA, FL -- (MARKET WIRE) -- March 30, 2006 -- Consolidated American Industries Corporation ("COAM") (OTC: CMDJ) announced the acquisition of all assets of VersaStone, Inc., and the formation of VersaStone of Florida Corporation.

VersaStone, Inc. ("VersaStone"), is a privately owned Florida corporation, which is involved in the production and manufacture of various composite building supplies and decorative home products, throughout the State of Florida. VersaStone of Florida Corporation will continue the manufacturing of the various composite building supplies and decorative home products, throughout the State of Florida. Additionally, VersaStone of Florida Corporation will add several new products to the existing lines. The VersaStone product lines may be viewed at http://www.versastone-fl.com.

Consolidated American Industries Corporation, a Nevada corporation, with principal offices located in Tampa, Florida, is a public holding company involved in the manufacturing, natural resource, and financial services business segments, including real estate lending, management, and development activities. COAM's primary operating subsidies are: SIG Mortgage Company of Florida, Inc.; Century Container Corporation; Fusion Real Estate Corporation; SIG Wholesale Distribution, Inc.; McNulty First Lending, Inc.; Ferber Copper Co., Inc.; and Carbon Race Italia, S.p.A.

Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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