IOVE NEWS
Accredited Business Consolidators Corp. Updates Share Information and Addresses Shareholder Inquiries
Press Release
Source: Accredited Business Consolidators Corp.
On 2:00 pm EST, Friday December 4, 2009
Companies:Italian Oven, Inc.
DOYLESTOWN, PA--(Marketwire - 12/04/09) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (Pinksheets:IOVE - News), today updated its shareholders pertaining to its share structure.
Many shareholders emailed the company with concerns of manipulation as to the company's common stock. The Company compared the NOBO list for November 2, 2009, to the list for November 25, 2009. The Company can locate no evidence of improper trading activity, nor will the Company fuel conspiracy theories. As the Company has not issued any shares, the trading activity remains under the purview of the retail shareholders. Shareholders and market makers determine the price of the security by choosing what price to buy and sell at. Fluctuations are common in the over the counter market, which primarily targets professional investors who understand the uncertainties associated with high risk investments.
Presently, our authorized shares are 450,000,000 shares of common stock. Of that authorized common stock, 436,399,500 shares are outstanding. 328,018,200 shares are in the public float, and the rest are in certificate form.
On the November 2, 2009 NOBO, we had 1459 shareholders with 265,366,537 shares that did not object to the release of their information to the company. The November 25, 2009, list presented 1549 shareholders that did not object to the release of information with a total number of shares of 277,611,182. The remaining shareholders object to the release of their information.
On the November 2 list, we had no shareholder with more than 11,000,000 shares. On the November 25 list, our previous largest shareholder increased their position from a bit over 10,000,000 to above 17,500,000. Another shareholder increased their position from 5,000,000 shares to slightly over 11,000,000 shares. Therefore, we now have 2 shareholders with over 10,000,000 shares.
On the November 2 list, we had five shareholders with between 5,000,000 and 10,000,000 shares. As stated above, one shareholder increased their position. A second shareholder, previously having fewer than 5,000,000 shares, increased their position to above 5,000,000 shares. The other shareholder on the November 2 list, an individual, reduced their position from 5,500,000 shares to 3,900,000 shares. The other two shareholders were foreign financial corporations. The first corporation has now increased its shares from about 7,000,000 shares to 10,000,000 shares. The second corporation decreased its shares from 7,500,000 shares to slightly over 5,000,000 shares. As a result, we still have five shareholders with 5,000,000 shares or more. (Note: On the prior release of information, we stated there were four shareholders with over 5,000,000 shares. This time we mention five shareholders. This is because one shareholder had exactly 5,000,000 shares and was grouped into the 5,000,000 and under category).
On the November 2 list, we had 16 shareholders with 1,000,001 shares to 4,999,999 shares. This number increased to 35 on the November 25 list of shareholders. Of those shareholders, 31 are individuals, 2 are trusts for the benefit of individuals, and 2 are foreign banks.
On the November 2 list, we had 85 shareholders with between 500,000 and 1,000,000 shares. On the November 25 list, we had 82 shareholders in this category. Of those shareholders, 3 are brokerage firms, 2 are pension plans, 1 is a financial company, and 76 are individuals, trusts for individuals, or individual IRA accounts.
We continue to wait for FINRA to issue our new symbol. We have received no indication that our documents are not in order or that we are not in line for processing in the system. In the event we receive a communication from FINRA, we will update shareholders immediately. There is no ability to speed up the process on our part.
This is not an offer to sell securities. 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.
