SOURCE: The Italian Oven, Inc.

June 15, 2009 02:04 ET

The Italian Oven, Inc. Provides Updates to Shareholders With Respect to Subsidiaries

DOYLESTOWN, PA--(Marketwire - June 15, 2009) - The Italian Oven, Inc. (PINKSHEETS: IOVE) today updated shareholders as to the progress of its subsidiaries.

IOVE's subsidiary Italian Oven Travel & Entertainment Corp. received a Travelers Retailers Universal Enumeration number of 52427524. This number, verifiable at www.checkatruecode.com, enables the company to receive commissions from major travel suppliers such as hotels, car rental agencies, and cruise lines. Now that the code is assigned, the company will begin working on websites for the travel related domain names held by its affiliated companies such as www.cruises.cr, www.trips.cr, and www.reservations.cr.

Italian Oven Financial, Inc.'s related company, Bankruptcy Claims Fund, Inc., which purchased over $8,000,000.00 in debts owed by Lehman Brothers Holdings, Inc., including Lehman Brothers Capital Trust shares, will be completed and registered on June 19, 2009. Once registration occurs, the company will look for additional bankruptcy debts to invest in that it believes may provide a lucrative return on investment.

Finally, wholly owned subsidiary Italian Oven Technologies, Inc., received a wholesale certificate from the Commonwealth of Pennsylvania Department of Revenue. This license allows the company to purchase goods for redistribution without being burdened by state taxes on items for resale. This opens the door for the company to begin its wholesale operations including exporting electronic goods.

The company will continue to update shareholders via press releases and Securities and Exchange Commission Form 8-K filings as our enterprises develop further.

ABOUT THE ITALIAN OVEN, INC.

IOVE is a diversified holding corporation. IOVE share structure consists of 938,291,700 common shares of which 500,000,000 are restricted belonging to My Pleasure Limited, public float shares of 325,161,800 (held by CEDE & Company), and certificate shares of 113,129,900 (70,546,600 restricted, 42,583,300 unrestricted). No new common shares will be issued prior to November 2009 per binding resolution.

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
    TWITTER: Italianoven
    267-864-7737
    Fax: 267-371-5168