Dear Shareholder:
This holiday season, our email box was filled with flashy, commercialized bulk holiday cards from companies wanting to sell us something. We appreciate the need for marketing, but decided that we wouldn't send this type of communication to our shareholders. However, we did want to send along a message to our shareholders because we hope everyone has a safe and fun holiday season. We also wanted to let the shareholders know that our company is just beginning and that 2010 should bring developments to our current and new businesses.
As some of you know, our company began in the 1990s as an Italian restaurant chain. After initial success, the company expanded too fast and ended up in bankruptcy in 1997. In 1998, it emerged from bankruptcy with no money and no assets. However, the restructuring did not eliminate the common shareholders, but the company remained dormant. It was not until late 2008 that an investor group purchased the control of the company for the purpose of creating a vehicle that would assist various ventures start up and eventually stand on their own.
At the time of the purchase, the company had over 1,200 shareholders. Most invested their money during the 1996 public offering and lost most of their capital. We made the decision to leave the share structure in tact so that hopefully those original investors could make some or, eventually all, of their money back.
During the last year, some of those investors saw the stock come to life and made the decision to sell those shares. For that reason, we found ourselves with an entirely new group of shareholders, mostly active investors who trade high risk over the counter securities. We have three types of new shareholders. First, we have shareholders that bought into the company before much was learned about the restructuring. They made a good return on their investment. Second, we have shareholders that bought in at the higher price of the year and would lose money if they sold their shares today. Third, we have shareholders who obtained shares at the current levels.
Regardless of what level you purchased your shares, our obligation to you will be to make sure that you retain your percentage of ownership of our company. We've entered into a share issuance moratorium that stipulates that we will not issue any new common stock until a time past June 30, 2010. It's plausible that we will extend that moratorium until the end of the year, but we do not want to limit ourselves in the event an opportunity arises. If we do decide to issue shares, we'll tell you in advance when the shares will be issued, who will receive them, why we have to issue them and how they will benefit the company.
We understand that many of our newer shareholders are professional traders who buy and sell securities on a short term basis. For those shareholders, we need you to understand that we're not real worried about making you happy. We're not going to issue news releases or make announcements so that you're able to buy and sell our stock to make a quick dollar. We're not a get rich quick scheme. We're interested in developing long term projects, and we hope to obtain long term shareholders (long term means growing with us, but not investing your entire savings into our company). We try to tell it like it is, but even then sometimes we think things will go more quickly than what actually happens (for example, our symbol change to reflect the new company).
We're moving along with our businesses. We've chosen an auditor registered with the Public Company Accounting Oversight Board. We'll announce more information as soon as we finalize the agreement in writing. We're working on filling the orders for wood via Richwood Eco Ventures Inc., and we're installing additional management at the facilities in Nicaragua to handle operations. We're doing test sales and our managers are reestablishing contacts for Accredited Suppliers Corp.-- in fact, they're working over the holidays by visiting auto parts stores in rural areas in Nicaragua to obtain supplier contacts. Telecom Tools is very near to releasing its patent to the shareholders for review and everyone on our email list will receive a copy. Soluciones Fáciles continues to explore the microfinance market in Costa Rica and is reporting a low default rate that would make additional investment under the program prudent. Marilyn Boutique is currently developing a program to assist other stores import clothing from the United States and China while still focusing on their current clientele of retail sales to the alternative rock, goth, and punk rock communities.
For 2010, we'll continue to develop our programs and we'll dive into other businesses as well. We believe the pieces to our puzzle will continue to fall into place and we'll be able to see more of the picture come together.
Therefore, on behalf of Accredited Business Consolidators Corp., we hope that 2010 is prosperous for our shareholders and our company as well. Be careful while driving and celebrate responsibly.
Best wishes,
Joanna Chmielewska
President
Andy William
Vice President
Sergio Alejandro
Director -- Accredited Suppliers Corp.
Rebecca Torres
Director -- Accredited Suppliers Corp.
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 June 30, 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
