SOURCE: Andiamo Corporation

Andiamo Corporation

February 27, 2012 11:22 ET

Andiamo Corporation (OTC ANDI) Turns Down Buy Out Offer

ST. PETERSBURG, FL--(Marketwire - Feb 27, 2012) - Andiamo Corporation (PINKSHEETS: ANDI), subsidiary ActionApp Corporation, announces that, over the last 4 weeks, negotiations have been progressing towards a buy out of ANDI by a larger, publicly traded company. ANDI announced today that the Board of Directors of ANDI have opted to cease negotiations of this potential buy out at this time.

"While we agreed in principal to the advantages of being bought out by a much larger company, we couldn't come to final terms that were in the best interest of our shareholders. The other CEO and I have parted on good terms and the door is open for future negotiations. We believe that with all of the new and exciting things that are currently on our plate, a proper valuation could not be made at this time. Once our next round of apps are released and properly monetized, we may be in a better position to negotiate a better price on behalf of our shareholders. While ANDI is not currently 'for sale,' we will always entertain offers and opportunities as they are presented," said ANDI CEO Secor.

Secor further stated, "This was also a great validation of our business model to have such a fantastic company looking at ANDI for growth through acquisition. We are excited to continue our business model in this exciting sector that is evolving faster than anyone can possibly imagine. We look at our current position as a beginning and not an end and look forward to continuing the growth of our company for the benefit of our shareholders."

Due to a confidentiality agreement, the potential purchaser may not be named at this time.

Action App, a prolific Smartphone App developer and accumulator, is closing in on 15 million downloads with 77 apps in its current inventory. Action App is adding to its inventory and should be over 500 apps within a very short period of time. Once these Apps are complete, Action App will look to Android, Windows Mobile and Kindle, as well as other potential acquisitions for continued growth. The company is scheduled to release its quarterly report on or before March 15, 2012.

Please see our Safe Harbor Statement at

Contact Information