IOVE Accredited Business Consolidators Corp. to Form Two New Subsidiaries
DOYLESTOWN, PA--(Marketwire - November 2, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), today announced its intention to form two new subsidiary operations.
First, the Company will form Accredited Hospitality Group, Inc. AHG will participate in joint ventures (between 25 and 75% ownership of the properties) with smaller hotel and motel locations in Central America and the United States. IOVE, through Italian Oven Travel & Entertainment Corp., will assist the properties become members of global distribution systems so that computerized reservations can occur. The primary reason why smaller hotels are not booked is because they're not featured on electronic reservation systems. AHG will focus on properties with ten to twenty-five rooms that can be filled up at all times rather than large luxury hotels that have half their rooms empty during off-peak seasons. AHG is presently in negotiations with four properties.
Second, the Company will form Accredited Suppliers Corp. ASC is presently engaged in discussions with a printing company to form a joint venture (50/50) wholesale printing supply company to provide products to Central America including Costa Rica, Nicaragua, and Panama. The venture will initially focus on importing large quantities of vinyl products used for banners and billboards that are in demand by Central American printing and advertising companies.
Each corporation will be formed this week with 999,999,999 common shares and 80% ownership by IOVE.
ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.
Accredited Business Consolidators Corp., f/k/a the Italian Oven, is a diversified holding corporation trading on the Pink Sheets under IOVE. The total number of common shares outstanding is 436,399,500. 328,018,200 shares are in the public float, 70,546,600 shares are restricted in certificate form, and 37,834,700 shares are unrestricted but in certificate form. There will be no increase in common shares until at least April, 2010.
This is not an offer to sell securities and the Company is not issuing common stock for any purpose. Statements made are forward-looking subject to risks and uncertainties. Statements included are made on the date hereof. The company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Results could differ materially from anticipated results. Pay careful attention to all announcements and filings.
