DEL MAR, CA -- (Marketwire) -- 08/27/12
The Board of Directors of AMERICAND DIVERSIFIED HOLDINGS CORPORATION (PINKSHEETS: ADHC) ( http://www.americandiversifiedholdings.com/ ) has today approved the conversion of the Company's outstanding debt totaling over $500,000 USD into newly authorized Preferred "B" shares with its main secured creditor. The Company CEO Ernest B. Remo said, "With the Company embarking on an ambitious expansion program in the Cloud Computing area, management felt it was in the best interests of the Company to eliminate all debt on the books to set the stage for an equity based expansion program."
These preferred shares are restricted, and cannot trade in its current form. Conversion to common shares is possible in the future. For now, this equity participation of the ADHC creditor will create a much healthier and a debt free company moving forward.
A new updated Adequate Disclosure will be filed at the end of the quarter reporting period as per OTC Markets disclosure requirements.
More details and updates will follow on a timely basis
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