ST. PETERSBURG, FL -- (Marketwire) -- 09/11/12
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.
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