SOURCE: Accredited Business Consolidators Corp.

October 20, 2009 00:01 ET

Accredited Business Consolidators Corp. to Divest Richwood Eco Ventures Inc. and to Issue Dividend

DOYLESTOWN, PA--(Marketwire - October 20, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: IOVE), today issued a resolution to divest the Company's Richwood Eco Ventures Inc. subsidiary.

IOVE will begin the paperwork to obtain a CUSIP for the subsidiary and will subsequently issue a one for one dividend to present shareholders of IOVE. That is, for every share of IOVE, one share of Richwood Eco Ventures would be issued to the IOVE shareholder. The ex date will be set in the next three to six weeks. Richwood Eco Ventures maintains a share structure of 999,999,999 authorized shares.

After the issuance of the dividend and the close of the fiscal year, the Company will take the appropriate action necessary to have the financial statements of Richwood Eco Ventures Inc. audited and to register the securities in question with the Securities and Exchange Commission. Once registered, the Company will attempt to secure a market maker for the registered securities so that a trading symbol may be obtained from FINRA.

This divesture is mutually exclusive from the planned issuance of Accredited Consolidators Europe PLC shares to IOVE common shareholders at the rate of 1 ACE PLC share for every 250 IOVE shares. (There will only be 5,000,000 shares of ACE PLC.)

ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.

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 April 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.

Contact Information

  • Contact:

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