Andiamo Corporation revealed 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 scheduled to close on Dec. 31.
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.” – Secor CEO 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