VANCOUVER, British Columbia, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) (Olie) President, Robert Gardner, is pleased to announce that it has completed a Memorandum of Understanding (MOU) to restructure and reorganize Andiamo Corporation (PinkSheets:ANDI) (Andiamo). Andiamo is currently delinquent in its filings with OTC Markets. Olie will assist in Andiamo's return to current filer tier status, and in this process:
- complete the accounting,
- file completed unaudited financial statements,
- pay for amended disclosure documents with OTC markets,
- introduce and retain SEC legal counsel to assist in review, and;
- when appropriate, for counsel to provide necessary legal opinions.
In return Olie will own $250,000 of Andiamo's convertible preferred stock and reserves the right to assign from the non-affiliate note holder its aged, matured, and secured debt.
Robert Gardner, President of Olie states, "Our 2014 Action Plan includes this restructuring and reorganization of Pink Sheet Companies that are delinquent in their filings with OTC Markets Inc. Many of these companies have a significant shareholder base, often with modest debt to equity ratios, but simply have incomplete financial statements. Our expertise is to complete their financial statements, absorb their non-affiliate debt, bring them current with OTC Markets and eventually file audited financial statements. In exchange Olie books the debt absorbed from the debt holder as a note receivable on our own financial statements. Should we exercise the right to convert that aged debt into stock, then for Olie to sell. The proceeds thereby would enhance the cash position of Olie."
Rick Shykora, current CEO of Andiamo, also states, "As part of our agreement, there will be changes made to management to ensure that the process of getting the company back on track with its accounting, filing and disclosure are implemented. We expect to apply and file two separate corporate actions with FINRA: an anti-dilutive convertible preferred stock dividend to protect our stock holders, and a subsequent reverse split. We intend this to take place simultaneously to our appropriate filings. We understand the joint venture with Olie positions them as the largest non-affiliate equity holder in the Company, but it also opens the door to Andiamo to potentially progress as an OTC Company."
Safe Harbor Statement:
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.