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Accredited Business Consolidators Corp. Addresses Shareholder Inquiries and Extends Share Issuance Moratorium

^{Published on 2009-11-20 05:38:51 - Market Wire}
 

DOYLESTOWN, PA--(Marketwire - November 20, 2009) - Accredited Business Consolidators Corp., trading as Italian Oven, Inc. (PINKSHEETS: [ IOVE ]) today issued the following response to certain shareholder inquiries and extends its share issuance moratorium until June 30, 2009.

Management's policy regarding the issuance of shares is that, until the Company's subsidiaries are fully operational and reporting, it does not plan to sell shares of IOVE. For this reason, IOVE entered into a share issuance moratorium that prohibits management from approving any new shares. In addition, IOVE reduced its authorized common stock to 450,000,000 despite having 436,399,500 shares issued and outstanding. At a meeting on November 18, 2009, IOVE extended the share issuance moratorium until June 30, 2009.

Of the 436,399,500 shares of IOVE, only 328,018,200 shares are in the public float on hand with the Depositary Trust Corporation. The remaining shares are on file with the transfer agent, and 70,546,600 are restricted. These numbers did not change.

As IOVE issued no shares, and has no plan to issue shares, the purchase and sale of its securities are within the hands of the shareholders and market makers. When investors acquire shares on the market, they buy them from other shareholders, not from IOVE. IOVE is not accepting any form of investment that involves shares.

Because IOVE will be required to communicate with its shareholders, it often acquires a list of its shareholders known as a NOBO list. To date, IOVE acquired two lists. The latest list was November 2, 2009. IOVE will purchase another list this coming week to monitor activity.

The list revealed that 62,651,863 are held by objecting owners. This means we cannot determine who owns the shares. The rest of the shares are accounted for. There are 1459 shareholders with shares at their brokerage. There are 853 shareholders with certificates.

As of November 2, 2009, IOVE knows the following statistics as to NOBO shares with the DTCC: There are no shareholders with more than 11,000,000 common shares; 4 shareholders own more than 5,000,000 shares -- 2 are individuals and 2 appear to be foreign financial corporations; 17 shareholders owned between 1,000,000 and 5,000,000 shares, of which 14 are individuals, 1 is a bank, 1 is a family trust, and 1 is a corporation; 85 shareholders own between 500,000 and 1,000,000 shares, 79 are individuals, 2 are stock brokers, 1 is a financial management company, 2 are banks, and 1 is a pension plan. All other shareholders own less than 500,000 shares.

The shares were held by the following clearing agents (broker name, number of shareholders, and number of shares):

 QTRADE ADVISOR 1,50000 RBC DOMINION SECURITIES. 5,888000 BMO NESBITT BURNS INC. 1,121500 CIBC WORLD MARKETS 2,103000 SCOTIACAPITAL INC. 2,1050000 TD WATERHOUSE 1,11800 PENSON FINANCIAL SERVICES CANADA INC 4,1179500 FIFTH THIRD BANK 1,15000 EDWARD JONES 10,864700 HUNTINGTON BANKS, TRUST DEPARTMENT 1,40000 FIRST CLEARING, LLC 115,8416000 RIDGE CLEARING & OUTSOURCING 7,1815000 MERRILL LYNCH 9,1083300 CHARLES SCHWAB & CO., INC. 95,19153646 AMERIPRISE FINANCIAL 3,154500 TD AMERITRADE CLEARING, INC 278,68045676 AMERIPRISE FINANCIAL 13,2134482 UBS FINANCIAL SERVICES INC. 4,203300 LPL FINANCIAL 16,915000 PENSON FINANCIAL SERVICES 136,41171984 RBC CAPITAL MARKETS CORPORATION 15,4984000 SOUTHWEST SECURITIES, INC. 2,1532500 FIRST SOUTHWEST COMPANY 1,150000 J.P. MORGAN CLEARING CORP. 2,110000 USAA BROKERAGE SERVICES 24,1845144 JANNEY MONTGOMERY SCOTT LLC 19,951700 CITIGROUP GLOBAL MARKETS, INC. 13,1891300 STEPHENS INC. 1,10000 PERSHING LLC 67,11559086 E*TRADE SECURITIES LLC 159,34397679 ROBERT W. BAIRD & CO. INC. 4,240000 OPPENHEIMER & CO. INC. 3,150000 UBS SECURITIES LLC 1,67000 PRIMEVEST FINANCIAL SERVICES, INC 3,375000 CLEARVIEW CORRESPONDENT SERVICES 2,220000 DAVENPORT & COMPANY LLC 2,120000 RAYMOND JAMES & ASSOCIATES, INC. 4,283200 MESIROW FINANCIAL INC. 1,152500 WELLS FARGO INVESTMENTS, LLC 7,1290000 STERNE AGEE & LEACH INC 1,50000 J.J.B. HILLIARD, W.L. LYONS LLC 24,1805700 MORGAN KEEGAN & CO., INC. 2,135000 STIFEL NICOLAUS & CO.,INC. 4,260000 KEYBANC CAPITAL MARKETS 1,275000 NATIONAL FINANCIAL SERVICES LLC 111,13461058 SCOTTRADE INC 262,34264032 SHAREBUILDER SECURITIES CORPORATION 1,2250 BNY MELLON 2,105000 VANGUARD BROKERAGE SERVICES 17,7263000 

Several shareholders suggested to IOVE that there may be some form of conspiracy regarding trading activity. IOVE does not believe that there is an orchestrated attempt to manipulate our stock. Rather, over the counter securities are often volatile. A single mid-size trader can drastically alter the price of the stock simply by making an investment decision. IOVE believes that, in time, and as more information is released, its share price will become less volatile.

Finally, some investors asked about the symbol change. As we previously stated, we provided FINRA with the documentation they requested. We hope that the next contact we have with them is to advise us that our request has been approved and what our symbol will be. We do not see anything unusual with the amount of time that passed. If a material development occurs, we will announce it immediately.

This is not an offer to sell securities. Statements made are forward-looking subject to risks and uncertainties. Statements included are made on the date hereof. The company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Results could differ materially from anticipated results. Pay careful attention to all announcements and filings.