SOURCE: Accredited Business Consolidators Corp.

October 15, 2009 00:01 ET

Accredited Business Consolidators Corp. Forms Public Company to Hold European Businesses

DOYLESTOWN, PA--(Marketwire - October 15, 2009) - Accredited Business Consolidators Corp., f/k/a the Italian Oven Inc. (PINKSHEETS: IOVE), today disclosed that it formed a public limited company in the United Kingdom for its European businesses. The company will hold businesses and investments in Romania, Serbia, Kosovo, Montenegro, Albania, Poland, the Czech Republic, and possibly other developing regions. The business model will mirror that of IOVE, i.e., to locate businesses and develop them until they are ready to stand on their own.

IOVE directed its accountants to create Accredited Consolidators Europe, PLC ("ACE PLC") in London, England. The Company issued shares as follows: 4,000,000 ordinary shares for IOVE and 1,000,000 for My Pleasure, Limited. If the name is approved, the charter will be issued October 15, 2009.

After formation, ACE PLC will file an application to commence trading. Once this occurs, IOVE will release 1,745,598 of its shares to IOVE's common shareholders through a dividend. For every 250 shares of IOVE, the shareholder will receive 1 share of ACE PLC. IOVE's treasury will continue to hold the remaining 2,254,402 shares. The ex-date will be announced as soon as possible with an estimated time of four to six weeks.

Shortly after distribution, ACE PLC will apply for a listing on the Alternative Investment Market of the London Stock Exchange.

ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.

Accredited Business Consolidators Corp., f/k/a the Italian Oven, is a diversified holding corporation. Visit our website (under construction) at www.accreditedbiz.com for information on our affiliated companies. The total number of common shares outstanding is 436,399,500. 328,018,200 shares are in the public float and on hand with CEDE & Co., 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 as of the date hereof, and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Actual 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