SOURCE: Andiamo Corporation

Andiamo Corporation

September 11, 2012 09:35 ET

Andiamo Corporation (ANDI) Reduces and Restricts the Conversion of Preferred Shares to as Low as 20:1

ST. PETERSBURG, FL--(Marketwire - Sep 11, 2012) - Andiamo Corporation (PINKSHEETS: ANDI) announces that its Board of Directors has authorized a significantly reduced conversion formula for the convertibility of its Preferred B Shares into Common Shares. This action is taken as a proactive effort to help support an increased valuation of the company's common shares.

The following information is provided as brief guidance concerning the changes to the Certificate of Designations portion of their Bylaws, as well as their Articles of Incorporation, which are being amended:

1. Preferred A Shares are not convertible into common shares.

2. Preferred B Shareholders may convert their Preferred B shares consistent with a declining conversion rate based on the increasing value of the common shares which can go as low as 20:1. This is a reduction from the previous conversion rate of 2000:1.

3. Further, the Board of Directors significantly reduced the amount of conversion that individual shareholders can convert in a 120 day period. 

For more specific guidance, please see our filing at:

"We have heard from our shareholders that the potential Preferred B conversions were holding our company back, so we took action. These reductions and restrictions are effective immediately and we believe these changes will better help support the value of our common stock and thereby be in the best interest of all of our shareholders.

"This should also provide alignment of the Preferred Shareholders, Common Shareholders and the Management of Andiamo Corporation as we all look to increase the value of our company through our common shares. This should also eliminate any concern over extreme conversion and dilution from our Preferred B Shareholders," said Secor, CEO. 

Andiamo Corporation, through its wholly owned subsidiary, Action App, is currently expanding their popular and profitable inventory of smart phone Apps in rapid fashion across the Apple and Android platforms and has met their short term goal of 500 apps in their portfolio. They now look to their next goal of 1000 Apps in their portfolio. Action Apps has exceeded 17 million downloads.

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Contact Information

  • Investor Relations Contact:
    Equiti-trend Advisors, LLC
    (800) 953-3350