Andiamo Corporation (OTC: ANDI) Announces the Divestment of Its Non-Profitable Title Agency Division
06 December 2011 - 7:20AM
Marketwired
Andiamo Corporation (PINKSHEETS: ANDI) announced that its Board of
Directors has agreed to the terms of a Letter Of Intent to divest
its non-profitable title insurance agency division. The transaction
is subject to due diligence and is scheduled to close on
12/31/2011.
"The title insurance agency division continues to lose money and
it was not in Andiamo's best interest to continue to maintain the
losses in a sector that has been affected so horribly and with no
potential signs of improvement in the foreseeable future.
"We have spent the last year in an effort to reposition Andiamo
into a high growth sector and feel that the non-profitable title
insurance agency division was a detriment to our stock and
shareholders.
"This divestment will allow us to focus our resources and
efforts on the performing and profitable companies in the
smartphone app sector and is part of our strategy to improve
profitability and increase shareholder value.
"We view this as a positive move for our company and our
shareholders," said Secor, CEO of ANDI.
After the completion of this divestment, ANDI will be poised for
immediate profitability as they continue to introduce more apps
into the market. ANDI has prepared a brief video presentation about
the exploding app sector, which can be viewed at
www.action-app.com
Safe Harbor Statement
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products and services that we may not produce
today and that meet defined specifications. When used in this press
release, the words "plan," "expect," "believe," and similar
expressions generally identify forward-looking statements. These
statements reflect our current expectations. They are subject to a
number of risks and uncertainties, including, but not limited to,
changes in technology and changes in pervasive markets
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