SOURCE: Accredited Business Consolidators Corp.

December 18, 2009 02:32 ET

Accredited Business Consolidators Corp. Updates Shareholders as to Symbol Change and Divestiture Delays

DOYLESTOWN, PA--(Marketwire - December 18, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), today updated its shareholders pertaining to its change of symbol and the delays in the divestiture of its subsidiaries.

As the Company advised shareholders previously, FINRA requested additional documentation from it in late October 2009. The Company promptly provided the materials. Since then, no further communication has been received from FINRA. On December 16, 2009, IOVE officials contacted FINRA and learned that the supplemental documents were received but that the agent working on the case was not in the office until December 21, 2009. The Company does not consider the delay to be a material situation and is optimistic that the length between the submission and issuance of the symbol is not unusual considering the long history and background of our company.

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.

For the above reason, the Company has not announced some other business plans and acquisitions which are in the process of being completed. Rather, the Company will first make its filings and then announce the intentions as the matters develop. The Company believes 2010 will be very exciting, but warns that IOVE remains an extremely speculative investment for professional investors with an understanding of over the counter securities and their volatility.

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.
    Fax: 267-371-5168
    Twitter: accreditedbiz