SOURCE: The Italian Oven, Inc.

August 10, 2009 00:01 ET

The Italian Oven, Inc. Provides Update on Business Development

DOYLESTOWN, PA--(Marketwire - August 10, 2009) - The Italian Oven, Inc. (PINKSHEETS: IOVE) today updated shareholders as to its business development.

IOVE, through Italian Oven Travel & Entertainment, Inc. and Domain Management, started beta testing stages of its www.reservations.cr website. The Company joined with the Travel Impressions division of American Express to provide flight and luxury hotel packages for customers from the United States. The Company continues to seek partners for international customers and to locate cruise vendors for listing on the upcoming www.cruises.cr website.

IOVE subsidiary Italian Oven Technologies Inc. submitted a proposal to Acer Inc. to become a distributor of their products both domestically and internationally.

IOVE's Bankruptcy Claims Fund, Inc. prepared and submitted request for notice in the Lehman Brothers Holdings bankruptcy so that it receives the opportunity to fully participate. The Bankruptcy Claims Fund owns in excess of $8,000,000.00 of Lehman Brothers Holdings debt including guaranteed Capital Trust shares that trade as LEHKQ, LEHLQ, LHHMQ, and LEHNQ. IOVE cautions investors that the Company, while optimistic as to the prospects, warns that the bankruptcy court proceeding will not result in a payout of the face value on the claims. Bankruptcy Claims Fund continues to look for opportunities in other bankruptcy cases.

Telecom Tools, Inc., 45% owned by IOVE subsidiary Italian Oven Intellectual Property Corp., continues finishing its patent application for modifications of popular tools used by telephone technicians.

IOVE, as it brings its Securities and Exchange Commission filings up to date, will continue its share issuance moratorium until January 15, 2010. This means that, under no circumstances, will the Company issue any new shares of stock. Regardless of the date, the Company will not issue shares prior to all SEC reports being current. The number of shares are 938,291,700 common of which 500,000,000 restricted belong to My Pleasure Limited, public float 325,161,800 at DTCC, and certificate shares of 113,129,900 (70,546,600 restricted, 42,583,300 unrestricted).

Statements contained in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements provide current expectations of future events based on 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.

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