Andiamo Corporation (ANDI) CEO Rick Shykora Announces addition of Board Members & New Direction for the Company
Andiamo Corporation (ANDI) CEO Rick Shykora is pleased to inform the stockholders that Les Eveneshen and Agnes Cruz have formally joined the Board of Directors and will assist the company in building shareholder equity, starting with the retirement and consolidation of the outstanding debt on the balance sheet. Andiamo Corporation will also be committed to pursuing a US GAAP standard audit with Malone Bailey, a PCAOB auditing firm, and will file a registration statement with the SEC for the shareholders affected by the past, present or any future dilution of the security. The New Direction that Andiamo Corporation will be pursuing, is to become a Business Development Corporation, a 1940 Investment Act Company. More information regarding the benefits of becoming a BDC will be disclosed in the conference call.
Rick Shykora, CEO, states in regard to the registration statement and the new direction, "This registration statement is a necessary step to becoming a Business Development Corporation, 'BDC,' as only 34 Act Companies can elect to become a BDC. The BDC process perfectly reflects our expansion goals, because our stated objective will be to buy equity that already earns an income, and pass dividends on to stakeholders. The instrument we will be using as currency are the Convertible Preferred Securities, and we believe we can attract profitable enterprises as wholly owned subsidiaries, through forward acquisitions, because of the tax benefits surrounding dividend income. By creating dividends through existing business operations, we can certainly buy appreciable incomes and flow those dividends back into the Company as retained earnings, and to the stakeholders as cash dividends.The next step, however, is to purchase identifiable and verifiable debt from other issuers, that once sold by Andiamo Corporation, will be passed on to the shareholders through dividends, which we intend to do quickly. Management will collect management fees from retained earnings, paid in capital will never be used to pay management or to facilitate the working interests of the public company."
ANDI' s new Management believes that being a BDC entity is best suited for Company and its shareholders. A requirement to become a BDC, the Company needs to maintains a Net Asset Value and debt obligation below 50%. At this time, the Company will be retiring and novating Mr Secor's debt for Convertible Preferred Stock, which will automatically create impaired equity on the balance sheet. The majority of the non Affiliate debt will be retired for the convertible preferred stock, while the defaulted interest will be converted into common stock to remove any impediments building shareholder equity. For further clarification, please email Mr Santana at harvardtrust@execs.com
About Andiamo Corporation:
ActionApp is currently expanding their popular and profitable inventory of apps in rapid fashion across Apple and Android having reached a short term goal of 500 Apps in their portfolio, with1000 Apps set for a longer term goal. ActionApp has exceeded 20 million downloads and is now using that experience to expand into other web and app-based opportunities such as Campaign Matrix.
FORWARD-LOOKING STATEMENT AND cautions that statements made in this press release constitute forward-looking statements, and not guarantees of future performance, and actual results or developments may differ materially from projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.
IR Contact:
Luwayne Santana
Harvardtrust@execs.com
