SOURCE: The Italian Oven Inc.

August 24, 2009 00:01 ET

The Italian Oven, Inc. to Retire Common Stock, Reduce Authorized Shares, and Become Accredited Business Consolidation Corp.

DOYLESTOWN, PA--(Marketwire - August 24, 2009) - The Italian Oven, Inc. (PINKSHEETS: IOVE), a diversified holding corporation, will change its name to Accredited Business Consolidators Corp. to reflect its business model.

Prior to the name change, the Company will retire 1,892,100 unrestricted common shares that are held in its treasury. In addition, My Pleasure Limited, the Company's control group, will retire their 500,000,000 common shares and turn them into non-convertible preferred stock. The preferred stock will have voting rights in the Company, but they can never be turned into common shares or sold on the open market.

The Company will reduce its authorized common shares to 450,000,000 from the present 999,999,999.

The common stock share structure will then be 436,399,600 shares outstanding, of which 325,161,800 shares are held by DTCC and are in the public float while 111,237,800 will be in certificate form (40,691,200 unrestricted and 70,546,600 restricted).

As the Company entered into a share issuance moratorium until January 15, 2010, there will be no dilution accompanying these changes. Other than a forward split and the issuance of the restricted control shares to My Pleasure Limited, the Company has not issued any new shares since 1996.

Management plans on completing these transactions as soon as possible and it expects to have all documents submitted to the transfer agent, Pennsylvania Secretary of State, and FINRA within thirty (30) days.

ABOUT THE ITALIAN OVEN

The Italian Oven, Inc., is a diversified holding corporation. IOVE share structure: Common shares: 938,291,700 consisting of 500,000,000 restricted shares belonging to My Pleasure Limited, United Kingdom, public float shares of 325,161,800 (held by CEDE & Company), certificate shares: 113,129,900 (70,546,600 restricted, 42,583,300 unrestricted). No new common shares will be issued prior to January 15, 2010 per binding resolution.

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors.

Contact Information

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