DOYLESTOWN, Pa., April 19, 2010 (GLOBE NEWSWIRE) -- Accredited Business Consolidators Corp. (Pink Sheets:ACDU) today released its redacted shareholder list. The list may be downloaded from:
http://www.theitalianoveninc.com/files/38699294.xls
The list allows shareholders to see a complete picture of ACDU's share structure. Each shareholder is broken down by anonymous account number.
A review of the shareholder list shows that over 70,000,000 shares at DTCC are held by multiyear individual investors. These investors, most likely original Italian Oven investors from the late 1990s, have not traded or modified their share holdings from 2008 until the present time.
The Company has 436,399,500 common shares issued and outstanding. The number of authorized common shares is 450,000,000. A share issuance moratorium is in place until September 15, 2010, which prohibits company management from issuing additional common shares. 70,546,600 shares, held in certificate form, are restricted. There are 36,766,700 additional unrestricted shares on physical certificates held by shareholders from the 1990s. This leaves 329,086,200 shares on deposit with CEDE & Company (Depository Trust & Clearing Corporation). As stated above, 71,207,800 of the DTCC shares are held by multiyear individual investors. The Company holds 888,681 shares in its brokerage account. Therefore, a fair estimate of the real float is between 250,000,000 and 260,000,000 shares.
Shareholders are invited to perform their own analysis of the Company's shares. We would appreciate any feedback or analysis of the data.
On April 16, 2010, the Company issued a press release referring to professional traders and stating that we did not cater to their needs. We only issue press releases when material events occur, and we do not engage in any form of stock promotion. The intention of management is to build the Company on its merits. Our discussion was not to criticize our shareholders, but referred to large scale professional traders that have caused harm to the Company's shareholders. The two trading groups on our published list from the Channel Islands and Jamaica are examples. These groups acquired over 17,000,000 shares during late 2009 and they presently have no shares.
The Company continues to move forward with its business plans. It will release material information as it develops, whether via press release or Securities and Exchange Commission 8-K report where appropriate.
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.