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Andiamo Corporation (OTC: ANDI) Announces the Divestment of Its Non-Profitable Title Agency Division(December 05, 2011)
ST. PETERSBURG, FL -- (Marketwire) -- 12/05/11 -- 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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