DEL MAR, Calif., July 23, 2012 (GLOBE NEWSWIRE) -- AMERICAN DIVERSIFIED HOLDINGS CORPORATION (Pink Sheets:ADHC) has today announced that it is changing its fiscal year from July 31 to year-end December 31. The change is being necessitated so that REBEL NETWORKS, the wholly-owned cloud computing subsidiary and the parent company will have the same fiscal reporting periods. REBEL is on a calendar year and in order to consolidate the financial statements of the two companies it has been determined for ease of reporting the re-statement of ADHC's financials will commence with the filing of statements for the June 30, 2012 period.
ADHC is also in the process of embarking on a strategic acquisition program in the cloud computing arena, and putting the Company on a calendar year fiscal will also make any future consolidation of statements seamless in the opinion of ADHC and its accountants.
ADHC has notified OTC Markets of this proposed change in the Company's quarterly filing with OTC Markets on June 18, 2012.
This press release contains forward looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the company's plans to change and are in no way intended to guarantee that the company will be successful in executing its plans. American Diversified Holdings common stock currently trades on the over-the-counter "Pink Sheets" under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no inference has been made that this release contains all such information.