IOVE: Accredited Business Consolidators Corp. Outlines Plans to Bring Filings Current and to Return to the OTCBB
DOYLESTOWN, PA--(Marketwire - November 9, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), today announced its plans to bring its filings with the Securities and Exchange Commission up to date and to list on the NASDAQ Over the Counter Bulletin Board (OTCBB).
IOVE remains under the obligation to file reports with the Securities and Exchange Commission as it is a reporting company. IOVE, during its dormancy, did not file its reports. Since new management took over, IOVE filed delinquent quarterly reports for over ten years outlining a zero dollar balance sheet. Additional reports need to be filed.
IOVE has been negotiating with accounting firms to provide it with an audit of the Company's activities including the dormant years. IOVE has narrowed its search to three firms and it expects to make a final decision by the end of the year.
The Company will file appropriate audited annual reports for the delinquent years before or along with its audited annual report for 2009. From that period on, IOVE intends to remain current with its reporting obligations.
Upon the filing of audited annual reports for 2009 and the dormant years, IOVE will request that a market maker sponsor its listing with the OTCBB. If approved, this will enable additional market makers to quote the stock of IOVE for smoother trading and a more accurate display of orders for the Company's stock. IOVE knows of no material impediment that will prevent listing on the OTCBB other than the delinquent annual reports. IOVE used to trade on the NASDAQ prior to its bankruptcy, which it emerged from in 1998 with the common shareholders in tact.
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.
Contact:
Investor Relations
Accredited Business Consolidators Corp.
ir@accreditedbiz.com
267-864-7737
Fax: 267-371-5168
Twitter: accreditedbiz
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