The Italian Oven Inc. Completes Share Reduction
DOYLESTOWN, PA--(Marketwire - September 23, 2009) - The Italian Oven Inc. (PINKSHEETS: IOVE), soon to be named Accredited Business Consolidators Corp., announced today that its transfer agent completed the retirement of shares. The Company retired 1,892,100 common shares while My Pleasure Ltd., the control shareholder, converted its 450,000,000 common shares to non-convertible preferred shares.
Effective immediately, the total number of shares outstanding are 436,399,500. Of those shares, 328,018,200 shares are free trading in the float with the Depositary Trust & Clearing Corp., while 70,546,600 shares are restricted in certificate form, and 37,834,700 shares are unrestricted but in certificate form. IOVE's certificate shares are held by over 600 individuals, companies, trusts, funds, and banks. No additional shares will be issued during 2009 as the Company entered into a share issuance moratorium.
The next step in our restructuring program is to file the necessary papers with the Pennsylvania Secretary of State reducing our authorized common shares to 450,000,000 and changing our Company's name to Accredited Business Consolidators Corp. The Company already began working on the necessary paperwork to complete this transaction. The Company is considering extending its share issuance moratorium until six (6) months from the date the name is officially changed with the Commonwealth of Pennsylvania.
Immediately upon the Secretary of State approving the filing, the Company will apply to FINRA for a new symbol reflecting the new name.
Shareholders will be updated as these transactions take place and are approved by the regulatory agencies.
ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.
The Italian Oven Inc., soon to be Accredited Business Consolidators Corp., is a diversified holding corporation that owns various businesses, parts thereof, or joint ventures which it will assist 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. Any statements made are forward-looking statements subject to risks and uncertainties. The statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
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