Olie Inc. Announces MOU With Andiamo
January 27 2014 - 7:05AM
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.
CONTACT: Robert C. Gardner, President
Phone: 604 669-9000
E-mail: robertgardner@olieinc.ca
Website: www.olietech.com