Andiamo Corp (OTCMKTS:ANDI) is a bit of a surprise star on the OTC in the past 6 weeks. Shares of the stock vaulted higher beginning in December as it moved to transition into Utopya Innovations, an emerging mid-market smartphone device play. Investors looking for this company to express that story in a more thorough manner will be happy with the latest from the name.
Specifically, the company just announced that its wholly-owned subsidiary, Utopya Innovations Inc., is taking another significant leap forward today as it announces plans to shed its current ticker symbol (OTCPK: ANDI) in favor of a symbol that better reflects the company’s long-term vision. The company is also announcing plans to switch to a new transfer agent, and to begin the process of engaging an investor relations team in order to maintain a high level of transparency and communication with shareholders.
Andiamo Corp (OTCMKTS: ANDI) promulgates itself as a company that Andiamo Corporation, a Wyoming domiciled publicly traded company, and its subsidiary Utopya is an emerging technology company focused primarily on the development and distribution of mid-market smartphone devices equipped with a proprietary software ecosystem.
As part of the company’s long-term vision, it intends on bolstering its technology IP (intellectual property) by acquiring stakes in complementary technology firms, when it makes strategic sense to do so. Utopya smartphones will come equipped with a software ecosystem that includes a proprietary Android Operating System (OS) skin, as well as a number of proprietary mobile apps available exclusively to Utopya users.
The company will be well positioned as one of the only mid-market smartphone companies to offer a proprietary software experience to its customers; this will be especially true in many emerging market economies, where competition is scarce and growth potential is enormous. Acquiring users into the software ecosystem will allow the company to develop a diverse array of revenue streams which will function as a distinct competitive advantage, while also providing a barrier to entry against prospective mid-market competitors.
Andiamo Corporation, through its subsidiaries, provides prepackaged software services. It provides mobile applications through the Apple iTunes App Store and the Google Android market in approximately 80 countries. The company was formerly known as Title Consulting Services, Inc. and changed its name to Andiamo Corporation in June 2011. Andiamo Corporation was incorporated in 2000 and is based in Lansing, Michigan.
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Mike Starkweather, CEO, commented, “We’re very excited to announce that we have begun the process of changing the current ticker symbol to a symbol that better reflects the company’s brand and long-term vision. We hope to be able to secure the symbol ‘UTOP’, pending its approval. The first step will be filing the name change with the State of Wyoming. We are also taking steps to ensure that we remain highly transparent and communicative with our shareholders. We have received a number of inquiries with respect to the company’s share structure. The current transfer agent has an internal gag order that prevents the release of this information, which is contrary to the level of transparency that we wish to demonstrate. As such, we have begun the process of switching transfer agents, in order to make this information readily available to those who request it.”
Starkweather continued, “Further to this, due to the overwhelming volume of emails that we have been receiving, we are taking the appropriate steps to hire an investor relations firm that will be better equipped to handle these communications for us in a timely manner. This is also being done so that our executive team is better able to focus on matters that require executive-level oversight and approval, including contract negotiations. Once again, we’re humbled by the incredible support of our shareholders thus far, and we’re looking forward to sharing more exciting news in the weeks and months ahead.”
Currently trading at a market capitalization of $53.2M, ANDI reported unaudited financials last month, showing no cash and no current liabilities, along with immaterial revenues. In essence, at this point, the financials are not part of the story and the company is still in its earliest stages of development. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $ANDI stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ANDI, either long or short, and we have not been compensated for this article.