SOURCE: The Italian Oven, Inc.

September 25, 2009 00:40 ET

The Italian Oven, Inc. Extends Share Issuance Moratorium Until Six Months After Change of Name

DOYLESTOWN, PA--(Marketwire - September 25, 2009) - The Italian Oven, Inc. (PINKSHEETS: IOVE), soon to be named Accredited Business Consolidators Corp., announced today that it extended its share issuance moratorium until six months after it changes its name with the Pennsylvania Secretary of State.

IOVE previously entered into the moratorium while it structured operations. The purpose of the moratorium was to assure shareholders that their investment would not be diluted. The present moratorium expires in January 2010.

However, IOVE's progress in completing its filings and placing various enterprises into the core company has not occurred as rapidly as the Company would like.

To assure shareholders that their ownership percentage will remain intact, IOVE today extended the moratorium until six months from the approval of the name change.

The moratorium does not apply to any affiliated companies that may be issued as a dividend or otherwise distributed to shareholders during the next six months. Rather, if a subsidiary is spun off, at the time of the transaction, IOVE will release the transaction details. For instance, if the Company spun off XYZ and provided 1 share of XYZ for each 10 IOVE shares, but XYZ needed to raise funds by issuing 2,000,000 new shares, this would be announced in advance of the dividend.

The total number of shares outstanding are 436,399,500, and this number will not increase for at least six months. 328,018,200 shares are free trading, while 70,546,600 shares are restricted in certificate form, and 37,834,700 shares are unrestricted but in certificate form.

The Company is diligently working on filing the name change with the Pennsylvania Secretary of State.

ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.

The Italian Oven, Inc., soon to be Accredited Business Consolidators Corp., is a diversified holding corporation which will assist its affiliates grow with the intention of releasing the majority to the Company's shareholders upon sufficient development. Visit our website (under construction) at www.theitalianoveninc.com for information on our affiliated companies.

This is not an offer to buy or sell securities. Statements made are forward-looking statements 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.

Contact Information

  • Contact:

    Investor Relations
    The Italian Oven, Inc.
    ir@theitalianoveninc.com
    267-864-7737
    Fax: 267-371-5168
    Twitter: italianoven