Richwood Eco Ventures, Inc. Appoints Advisory Director and Commits to Assist Indigenous Communities in 2010
DOYLESTOWN, PA -- (Marketwire) -- 10/19/09 -- Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), today announced the appointment of Anker Struve as advisory director to the company's Richwood Eco Ventures, Inc. subsidiary. IOVE owns 80% of the common stock of Richwood Eco Ventures. Mr. Struve, a citizen of Denmark who has operated forestry programs in Central America for the last decade, brings experience and expertise to the subsidiary.
Richwood Eco Ventures, Inc., through its four partnership companies in Nicaragua, established a paradigm to raise funds for local communities by harvesting damaged trees from Hurricane Felix.
The paradigm includes a Public-Private Partnership with Deutsche Gesellschaft fur Technische Zusammenarbeit GmbH (GTZ) of Germany to assist indigenous communities in the Tasabi Pri territory. GTZ is owned by the German federal government.
Upon review of the PPP with GTZ, Richwood committed to continuing this project for 2010 and will provide the appropriate funds and assistance.
Richwood's affiliate, Teka de Nicaragua S.A., with assistance from IOVE, will continue a communitarian enterprise with the indigenous communities of Tasba Pri in an economically profitable and ecologically sustainable way by producing wood from the forests damaged by Hurricane Felix in their territories. Tasba Pri will be included in the value added chain of the wood through the communitarian enterprise and an alliance with Richwood and Teka.
The project is expected to create approximately 150 new jobs and to increase the annual income of the employed families by 250%. Richwood and Teka will provide experts including a project director, forest regent, financial administrator, and environmental engineer. Facilities operated by the partners of Richwood will be utilized to process the wood and make it available for export.
GTZ will assist the project by purchasing certain equipment, all of which will be given to Tasba Pri upon completion. GTZ, upon approving audit reports, will provide advances of several hundred thousand dollars to Teka.
Two advances are scheduled for 2010, and two others in 2011. It is believed that the project will bring revenue and profit to IOVE, Richwood, and the Nicaraguan subsidiaries during the 2010 and 2011 fiscal years.
More information on the wood that will be obtained from the PPP is available at www.richwood.com.ni.
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