Accredited Business Consolidators Corp (fka ACDU)

[rickbeth]

DECEMBER 18, update

Many shareholders inquired about the status of the divestiture of Richwood Eco Ventures, Inc. and Accredited Consolidators Europe PLC., along with other subsidiaries. IOVE decided to divest the majority of its interest in the subsidiaries, and subsequently proceeded to assure its plans were in compliance with regulations. The original plan was to immediately issue the non-trading shares to shareholders and to submit the appropriate registration statements thereafter so that the shareholders could trade the shares. While IOVE believes that the dividends to be issued to shareholders fell under the "no sale" rules, the Company's advisors located some cases that caused them to be concerned. The company's counsel reviewed an opinion by the Securities and Exchange Commission that provided several criteria for the dividend to occur without it being considered an offering. While IOVE believes it meets the requirements since the purpose of the divestitures are to separate the companies from IOVE and ease operations and the need for oversight, the opinion inferred the dividends should come after the filing of the registration statement. As both of these companies close their fiscal year on December 31, it would be difficult for a registration statement to be filed before the annual audits. For the protection of the Company and its shareholders, it is prudent to file the necessary registration statement with the Securities and Exchange Commission prior to any issuance of a dividend. We believe that the 2009 audits will not be difficult for the subsidiaries, and we will continue to update shareholders in this regard.