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Andiamo Corporation (OTC: ANDI) Announces Quarterly Results(December 12, 2011)
ST. PETERSBURG, FL -- (Marketwire) -- 12/12/11 -- Andiamo Corporation (PINKSHEETS: ANDI) reports that its quarterly report and consolidated financial statement has been filed at www.otciq.com.
Quarterly consolidated highlights of Q1 for the period ending 10/31/2011:
Gross Income: $468,000
Gross Profit: $333,929
Consolidated EBITDA loss for the quarter ended October 31, 2011 of $32,251.
Andiamo Corporation currently operates two subsidiaries: Action App Corporation, which accounted for EBITDA profits of $59,515 and Title Consulting Services, Inc., which accounted for an EBITDA loss of $91,766.
Title Consulting Services, Inc. is currently under a Letter of Intent for divestment and is scheduled to divest on 12/31/2011.
"The anticipated divestment of our Title Services company should have a very positive impact on our net profitability. The remaining subsidiary, Action App Corporation, is focused in the fast growing sector of smartphone apps and features apps for iPhone, iPad, and Android platforms. Action App Corporation currently has 69 apps and these apps have been downloaded over 11 million times. More than 10 of our apps are in the top 100 of their categories. Action App continues to introduce new apps and new revenue generating opportunities for the company and for its shareholders. More information about Action App can be found on our website at www.action-app.com," said Dustin Secor, CEO of ANDI.
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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