DOYLESTOWN, Pa., April 12, 2010 (GLOBE NEWSWIRE) -- Accredited Business Consolidators Corp., (Pink Sheets:ACDU), today announced its future plans for Richwood Eco Ventures, Inc. (REVI).
ACDU, through REVI, owned a minority equity interest in four Nicaraguan corporations. One of the corporations owned a working factory in Nicaragua that focused on developing communities, salvaging damaged wood, and exporting exotic timber. REVI and its affiliates also purchased equipment from the Nicaraguan companies.
REVI intended to, and did, assist in marketing wood. At no time was REVI bound to only deal with a single wood processor.
During the past several weeks, ACDU has been exploring its options including developing a new factory controlled exclusively by our Richwood subsidiary, purchasing the entire Rich Corporacion factory, or purchasing a controlling or partnership interest in a working factory belonging to a third-party.
These developments require extensive due diligence. ACDU consultants are in Nicaragua working with Gertzen Perez, the acting President of REVI to develop a course of action.
While the Company has a preliminary idea of the direction to follow, at this time it is premature to announce its intentions as the results of certain due diligence and legal information is forthcoming. "We are moving forward quickly under the circumstances, but we're talking about building a new factory, buying out a factory, or forming a joint venture with an industrial company – so we can't just close our eyes, roll the dice, and hope we make the right choice," Mr. Perez stated.
The Company will continue to update shareholders as developments occur.
Accredited Business Consolidators Corp. is a diversified holding corporation. The total number of ACDU common shares outstanding is 436,399,500. 329,086,200 shares are in the public float, 70,546,600 shares are restricted in certificate form, and 36,766,700 shares are unrestricted but in certificate form. There will be no increase in common shares until after September 15, 2010.
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 from anticipations. Pay careful attention to all announcements and filings.