Accredited Business Consolidators Corp. Provides Closing 2009 Summary
DOYLESTOWN, PA -- (Marketwire) -- 01/04/10 --
Accredited Business Consolidators Corp., trading as Italian Oven (PINKSHEETS: IOVE), provides an update on its subsidiaries:
Accredited Business Consolidators Corp. officially closed the accounting on December 31, 2009
Telecom Tools, Inc.: TTI is in the process of filing patent rights for a telecom tool modification. TTI planned on submitting the patent before the end of 2009, but on the advice of counsel, the filing was delayed to modify language within the patent and to update the drawings. TTI believes that the patent will be completed shortly (ten days) and it will be emailed to shareholders and released on our website
Richwood Eco Ventures, Inc.: REVI closed the accounting year with one completed paid small order of wood on its books, and one pending order listed as a payable. Originally, it was not believed that REVI would complete any transactions in 2009. The receipt of the payment and completion of the first order makes it clear that REVI is not a shell company and can file the appropriate registration statement to enable distribution to the shareholders
Accredited Suppliers Corp.: ASC closed the accounting year with a few thousand dollars in sales. This represented just about eight days of work by ASC. ASC is presently analyzing the return on investment for the auto parts purchased and resold. These transactions will give the company an idea as to how to proceed, and it will enable the company to audit the transactions and file its registration statement for divesture to the shareholders
Bankruptcy Claims Fund, Inc.: BCF maintained agreements with third parties to purchase over $8,000,000.00 in face value Lehman Brothers debt. Under the terms of the transactions, BCF maintained the right to cancel the transactions and purchase the securities on the open market if the equity was trading under $.25 per share of LEHKQ, LEHLQ, LHHMQ, and LEHNQ
Recently, the share price did fall. As such, BCF invoked the clause and purchased shares on the open market rather than executing an assignment
As stated previously, the Company chose to place the ownership of the Lehman Brothers debt in the treasury of IOVE rather than BCF. Therefore, the Company purchased 393,159 shares with a face value of $25.00 at an average price of $.20 per share for a total cost of $78,760 in cash. The shares are held by Interactive Brokers LLC and OptionsXpress Inc. for the benefit of the Company. Our immediate plan is to hold the shares until the bankruptcy is completed. We may purchase more shares
Marilyn Boutique (3-101-532180 S.A.), Soluciones Faciles, S.A., and Industrial Supply Company LLC are not considered subsidiaries of IOVE because we only own 25%. We are presently a passive investor in the entities. We do not have current plans to divest ourselves of the shares in these entities
Envirocare Corp. continues to explore opportunities in the environmentally friendly construction supply field. It remains in negotiations with Green World Crete of Florida and is exploring the feasibility of entering a joint venture with GWC to build an environmentally friendly concrete factory in Leon, Nicaragua. Presently, IOVE maintains no plans to divest itself of its Envirocare stock
Italian Oven Financial, Inc., Italian Oven International Inc., Italian Oven Intellectual Property Corp., Italian Oven Technologies, Inc., Italian Oven Travel & Entertainment Corp., remain holding subsidiaries that presently have no revenue and are not planned for divestiture
Accredited Hospitality Group, Inc., a wholly owned subsidiary of IOVE, invested in an undisclosed holding corporation that purchased a small hotel. The hotel plans to conduct a public offering to raise capital to build a new complex consisting of modern rooms, a storage facility, a safe deposit box facility, Laundromat, internet café, and business center
After the filing of the registration statement, AHG may choose to divest itself by dividend of the interest in the corporation since it will not be majority controlled by IOVE. It may also offer IOVE shareholders to be the first persons authorized to participate in the public offering depending on an opinion from legal counsel
Accredited Consolidators Europe PLC is currently in the process of obtaining its permission to trade from the United Kingdom. A delay occurred in connection with opening a bank account for the company because of its dual citizenship. It is a requirement of United Kingdom law to demonstrate the purchase of shares. Bank of America recently opened an account for ACE. Therefore, the process is now moving forward
IOVE tentatively retained an auditor for its prior financial statements and the statements of its subsidiaries
ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP
Accredited Business Consolidators Corp. is a diversified holding corporation. The total number of Accredited Business Consolidators Corp
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. 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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