SOURCE: Accredited Business Consolidators Corp.

December 30, 2009 02:36 ET

Accredited Business Consolidators Corp. Addresses Concerns Relating to Richwood Eco Ventures

DOYLESTOWN, PA--(Marketwire - December 30, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven (PINKSHEETS: IOVE), today addressed certain concerns from shareholders regarding its subsidiary, Richwood Eco Ventures, Inc.

Previously, Richwood Eco Ventures, Inc. announced that it received a customer order and a commitment from Caribbean Wood Products, Inc. Caribbean is not affiliated with Accredited Business Consolidators Corp. or Richwood Eco Ventures, Inc., in any manner other than as a purchaser of wood. Transactions with Caribbean are not affiliated party transactions.

Neither Caribbean Wood Products nor its agents and officers maintain any ownership or control over Accredited Business Consolidators Corp. or Richwood Eco Ventures, Inc. In addition, there is no ownership of My Pleasure, Ltd., which owns the control shares of IOVE, by Caribbean.

In the case of Caribbean Wood Products, we verified that the company has been acting as a dealer for wood for over three years. The company has a showroom and has bona fide customers that it purchases wood on behalf of. As a non-affiliated third-party, we simply are not interested in anything else. We are continuing to work on certain orders from Caribbean and they have been more than patient with us as to logistical challenges. Any slight delays in filling orders for Caribbean are attributable solely to us. We believe we will be providing Caribbean wood shipments this January, and we are pleased they have chosen to distribute our products.

Ordinarily, we perform no extensive due diligence from our customers or potential customers as we ordinarily maintain no credit risk with respect to orders for wood. This is because payment for the wood is received by wire transfer when it is at the dock and ready for shipment. Prior to preparation for shipment, we do conduct a cursory review of the order to make sure it is not part of an advanced fee scheme (Nigerian 419 fraud).

We have not conducted any public raise of financing for Richwood Eco Ventures, Inc., and all financing of its activities have been done on a private level with funds from My Pleasure, Ltd. and its affiliates in exchange for simple interest not convertible into shares.

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Accredited Business Consolidators Corp., f/k/a the Italian Oven, is a diversified holding corporation. 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 shares until at least June 30, 2010.

Contact Information

  • Contact:

    Investor Relations
    Accredited Business Consolidators Corp.
    Fax: 267-371-5168
    Twitter: accreditedbiz