Accredited Business Consolidators Corp. Provides General Business Update
DOYLESTOWN, PA--(Marketwire - October 30, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), updates the status of some of its projects:
New Trading Symbol: FINRA asked IOVE to modify its submission to remove our request to have the change constitute a "payable on surrender" transaction as the Company will only be changing its name. In addition, they requested certain prior resolutions. The Company expects to submit the items today.
Industrial Supply Company LLC: The Company acquired 25% of the membership interest in Industrial Supply Company LLC in exchange for a five year marketing and consulting agreement. ISC, formed in Florida in 2008, created an extensive business plan to assist construction organizations in acquiring governmental benefits by shifting to environmentally friendly construction materials. ISC, which is in the process of registering with the United States House of Representatives as a lobbyist organization, will focus on achieving benefits for eco-friendly companies such as increased carbon credits, tax deductions, grants, and mandates to use certain environmentally friendly products when fulfilling government contracts. ISC and IOVE will jointly create a new corporation that will provide services to eco-friendly construction organizations. The entity will initially employ three paralegals with training in Congressional matters and a full time lobbying and marketing professional. Investors are cautioned that this is a startup venture and the Company does not believe that revenues will be achieved until mid-2010.
Richwood Eco Ventures, Inc.: Company officials met yesterday with the Nicaragua-based managers of the enterprise. They advised that the initial wood orders for Caribbean Wood Products, Inc., of Naples, Florida, are moving forward and that they hope to have the first container ready for shipment within two weeks. During that time, IOVE officials will monitor the progress and obtain photographs which will be posted on the Company's website.
Divesture: The Company entered the appropriate resolutions necessary to move forward with the divesture of Richwood Eco Ventures, Inc. The Company expects to receive its CUSIP number for the new company early next week. Once this occurs, the appropriate papers will be submitted to establish an ex-date for the dividend of the shares at a rate of one for one share. The Company expects to know the approximate time period within the next two to three weeks and will make an announcement.
United Kingdom subsidiary: The Company is presently registering the foreign company in Pennsylvania so that it may open a bank account with Bank of America and receive deposit of the initial capital of 50,000 pounds. The Company expects the filing to be made on November 5, 2009. The deposit is required under United Kingdom law.
Pink Sheets: The Company provided Pink Sheets with updated share numbers and information which they placed on their website, www.pinksheets.com.
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 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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