An Unfortunate Natural Disaster Presents a Necessary Opportunity to The Italian Oven
EL RAMA, NICARAGUA--(Marketwire - August 17, 2009) - The Italian Oven Inc. (PINKSHEETS: IOVE) today released information pursuant to Securities and Exchange Commission Regulation F.D. about its new subsidiary Richwood Eco Ventures, Inc.
Hurricane Felix devastated the coastlines of Nicaragua in late 2007 and destroyed over three-million acres of virgin rainforest, knocking over millions of trees. Initially, many companies and foreign governments vowed to come to the rescue. Time passed, but most did not step up to the plate.
The exception is a group of companies that already had a foothold in Nicaraguan timber and forest management including Rich Corporación (created with support from the Ministry of Foreign Affairs of Denmark's DANIDA program), and TECA de Nicaragua (TEKNISA).
Rich Corporación realized that the downtrodden trees needed to be harvested for wood and the land replanted. Rich Corporación began projects to raise funds for local communities by harvesting the damaged trees and commercializing the wood. The projects included a partnership with Deutsche Gesellschaft fur Technische Zusammenarbeit GmbH (GTZ) of Germany to assist indigenous communities in the Tasabi Pri territory. Rainforest Alliance's Smartwood certification program will be utilized and full accountability implemented in accordance with Nicaraguan and international law.
The companies maintain a factory and showroom, two production warehouses, three storage warehouses, and a saw mill spanning twelve acres of property. Over 55 people are employed full time by the operation.
Nevertheless, millions of acres of damaged land remain uncorrected. To expand, Rich Corporación turned to Italian Oven International for assistance. With IOVE's marketing and logistical expertise in both Europe and North America, it agreed to join with Rich Corporación to establish additional exports. Hundreds of thousands of cubic meters of woods, such as mahogany, cedars, coralillo, pine, almond, Guapinol, nancitón, and coyote, are available. Examples of the wood can be seen at www.richwood.com.ni.
The Italian Oven and its subsidiaries formed Richwood Eco Ventures, Inc., and purchased capital stock in the Nicaraguan companies to establish a partnership protocol. As the majority of the Richwood timber is exported, REVI will directly market the wood throughout the world. The Italian Oven entities will own over 80% of REVI.
Additional information about this venture will be available on the Italian Oven's website at www.theitalianoveninc.com/richwood.html over the next two weeks.
Contact:
Investor Relations
The Italian Oven, Inc.
ir@theitalianoveninc.com
267-864-7737
Fax: 267-371-5168
www.theitalianoveninc.com
Twitter: italianoven
