SOURCE: Accredited Business Consolidators Corp.

November 20, 2009 08:31 ET

Accredited Business Consolidators Corp. Addresses Shareholder Inquiries and Extends Share Issuance Moratorium

DOYLESTOWN, PA--(Marketwire - November 20, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE) today issued the following response to certain shareholder inquiries and extends its share issuance moratorium until June 30, 2009.

Management's policy regarding the issuance of shares is that, until the Company's subsidiaries are fully operational and reporting, it does not plan to sell shares of IOVE. For this reason, IOVE entered into a share issuance moratorium that prohibits management from approving any new shares. In addition, IOVE reduced its authorized common stock to 450,000,000 despite having 436,399,500 shares issued and outstanding. At a meeting on November 18, 2009, IOVE extended the share issuance moratorium until June 30, 2009.

Of the 436,399,500 shares of IOVE, only 328,018,200 shares are in the public float on hand with the Depositary Trust Corporation. The remaining shares are on file with the transfer agent, and 70,546,600 are restricted. These numbers did not change.

As IOVE issued no shares, and has no plan to issue shares, the purchase and sale of its securities are within the hands of the shareholders and market makers. When investors acquire shares on the market, they buy them from other shareholders, not from IOVE. IOVE is not accepting any form of investment that involves shares.

Because IOVE will be required to communicate with its shareholders, it often acquires a list of its shareholders known as a NOBO list. To date, IOVE acquired two lists. The latest list was November 2, 2009. IOVE will purchase another list this coming week to monitor activity.

The list revealed that 62,651,863 are held by objecting owners. This means we cannot determine who owns the shares. The rest of the shares are accounted for. There are 1459 shareholders with shares at their brokerage. There are 853 shareholders with certificates.

As of November 2, 2009, IOVE knows the following statistics as to NOBO shares with the DTCC: There are no shareholders with more than 11,000,000 common shares; 4 shareholders own more than 5,000,000 shares -- 2 are individuals and 2 appear to be foreign financial corporations; 17 shareholders owned between 1,000,000 and 5,000,000 shares, of which 14 are individuals, 1 is a bank, 1 is a family trust, and 1 is a corporation; 85 shareholders own between 500,000 and 1,000,000 shares, 79 are individuals, 2 are stock brokers, 1 is a financial management company, 2 are banks, and 1 is a pension plan. All other shareholders own less than 500,000 shares.

The shares were held by the following clearing agents (broker name, number of shareholders, and number of shares):

QTRADE ADVISOR                       1,50000
RBC DOMINION SECURITIES.             5,888000
BMO NESBITT BURNS INC.               1,121500
CIBC WORLD MARKETS                   2,103000
SCOTIACAPITAL INC.                   2,1050000
TD WATERHOUSE                        1,11800
PENSON FINANCIAL SERVICES CANADA INC 4,1179500
FIFTH THIRD BANK                     1,15000
EDWARD JONES                         10,864700
HUNTINGTON BANKS, TRUST DEPARTMENT   1,40000
FIRST CLEARING, LLC                  115,8416000
RIDGE CLEARING & OUTSOURCING         7,1815000
MERRILL LYNCH                        9,1083300
CHARLES SCHWAB & CO., INC.           95,19153646
AMERIPRISE FINANCIAL                 3,154500
TD AMERITRADE CLEARING, INC          278,68045676
AMERIPRISE FINANCIAL                 13,2134482
UBS FINANCIAL SERVICES INC.          4,203300
LPL FINANCIAL                        16,915000
PENSON FINANCIAL SERVICES            136,41171984
RBC CAPITAL MARKETS CORPORATION      15,4984000
SOUTHWEST SECURITIES, INC.           2,1532500
FIRST SOUTHWEST COMPANY              1,150000
J.P. MORGAN CLEARING CORP.           2,110000
USAA BROKERAGE SERVICES              24,1845144
JANNEY MONTGOMERY SCOTT LLC          19,951700
CITIGROUP GLOBAL MARKETS, INC.       13,1891300
STEPHENS INC.                        1,10000
PERSHING LLC                         67,11559086
E*TRADE SECURITIES LLC               159,34397679
ROBERT W. BAIRD & CO. INC.           4,240000
OPPENHEIMER & CO. INC.               3,150000
UBS SECURITIES LLC                   1,67000
PRIMEVEST FINANCIAL SERVICES, INC    3,375000
CLEARVIEW CORRESPONDENT SERVICES     2,220000
DAVENPORT & COMPANY LLC              2,120000
RAYMOND JAMES & ASSOCIATES, INC.     4,283200
MESIROW FINANCIAL INC.               1,152500
WELLS FARGO INVESTMENTS, LLC         7,1290000
STERNE AGEE & LEACH INC              1,50000
J.J.B. HILLIARD, W.L. LYONS LLC      24,1805700
MORGAN KEEGAN & CO., INC.            2,135000
STIFEL NICOLAUS & CO.,INC.           4,260000
KEYBANC CAPITAL MARKETS              1,275000
NATIONAL FINANCIAL SERVICES LLC      111,13461058
SCOTTRADE INC                        262,34264032
SHAREBUILDER SECURITIES CORPORATION  1,2250
BNY MELLON                           2,105000
VANGUARD BROKERAGE SERVICES          17,7263000

Several shareholders suggested to IOVE that there may be some form of conspiracy regarding trading activity. IOVE does not believe that there is an orchestrated attempt to manipulate our stock. Rather, over the counter securities are often volatile. A single mid-size trader can drastically alter the price of the stock simply by making an investment decision. IOVE believes that, in time, and as more information is released, its share price will become less volatile.

Finally, some investors asked about the symbol change. As we previously stated, we provided FINRA with the documentation they requested. We hope that the next contact we have with them is to advise us that our request has been approved and what our symbol will be. We do not see anything unusual with the amount of time that passed. If a material development occurs, we will announce it immediately.

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.

Contact Information

  • Contact:

    Investor Relations
    Accredited Business Consolidators Corp.
    ir@accreditedbiz.com
    267-864-7737
    Fax: 267-371-5168
    Twitter: accreditedbiz