Accredited Suppliers Corp. Begins Operations in Central America
Nov 19, 2009 9:18:00 AM
DOYLESTOWN, PA -- (MARKET WIRE) -- 11/19/09 -- Accredited Business Consolidators Corp. (trading as Italian Oven on the Pink Sheets: (PINKSHEETS: IOVE)) today announced that its subsidiary Accredited Suppliers Corp. began revenue producing operations. ASC's business involves wholesale distribution of automotive parts and printing supplies to businesses in Central America. ASC either imports the parts from North America or Asia or purchases them in bulk from importers already in Central America.
After negotiating and coming to supplier agreements with several retailers of auto parts in Nicaragua and arranging a purchase relationship with Auto Car and I T S S.A. for parts that ASC may not have in immediate stock, the company began its operation and accepted its first shipment of inventory today. Accredited Suppliers will distribute the parts to stores over the next week. The Company began in Nicaragua as it maintains a storage office in the country and already has full time staff in place overseeing the Richwood Eco Ventures project. ASC hopes to expand to Costa Rica and Honduras in early 2010.
By beginning operations before the end of the year, ASC can file a registration statement with the Securities and Exchange Commission in early January so that it may divest itself of the company by spinning it off, 1:1, to avoid commingling operations with IOVE's core businesses. This is necessary because most of ASC's business transactions will be in foreign currencies and the entity will be managed by officers located in Central America that are not officers of IOVE. Management for the subsidiary will be formally appointed within two weeks and IOVE will only control a director's position.
Accredited Business Consolidators Corp., f/k/a the Italian Oven, is a diversified holding corporation. 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.
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Contact:
Investor Relations
Accredited Business Consolidators Corp.
Phone: 267-864-7737
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