DOYLESTOWN, PA -- (Marketwire) -- 11/20/09 --
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
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Accredited Business Consolidators Corp ir@accreditedbiz.com
267-864-7737
Fax: 267-371-5168
Twitter: accreditedbiz
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