DOYLESTOWN, Pa., June 23, 2010 (GLOBE NEWSWIRE) -- Accredited Business Consolidators Corp., (Pink Sheets:ACDU), today provided an update regarding the status of its filings.
Presently, the Company is working on its accountings for both the parent and the subsidiaries.
A crucial part of the Company's business plan is to file registration statements for its subsidiaries so that those entities can legally raise money to finance the operations. To accomplish this, audited financial statements must be submitted to the Securities and Exchange Commission. "While the parent company may never add a single new share of common stock, the subsidiaries will have a need to raise capital through equity," said Joanna Chmielewska, President of AccreditedBiz.
As stated previously, AccreditedBiz annual reports for 2008 were delayed as a result of the Company's necessity to obtain transactional data from third parties. The transactional data has been completed and entered into ledgers. The Company's accounting consultants are editing the financial statements for submission to the auditor. Year 2009 transactional data has been compiled and the accountants are in the process of completing the reports. The reports for some subsidiaries will be consolidated in the 2009 reports. Richwood Eco Ventures, Inc., and Accredited Suppliers Corp., will be accounted for separately.
The accountants have completed Accredited Suppliers Corp.'s preliminary balance sheets for 2009 and first quarter 2010. The accountant for Accredited Suppliers Corp. is entering data for April and May 2010 into the ledgers and will be completed before the end of June. Within three days from the end of the second quarter, the managers of Accredited Suppliers will turn over documents to the accountant and he will immediately enter the data and create finalized balance sheets for 2009, Q1 2010, and Q2 2010. We believe that he will be completed with this process within two weeks into July 2010. At this time, the documents will all be turned over to the auditor. Within ten days of audit approval, we will file the registration statement for Accredited Suppliers Corp.
We similarly expect Richwood Eco Ventures to be completed with all transactional data for 2009 and Q1 2010 and Q2 2010 by July 1, 2010. The accountants working on this project will be asked to complete the documents promptly so they can be turned over to the auditor so the registration statement can be filed.
As to the 2009 reports for the parent, several complicated transactions, including how we accounted for the Lehman Brothers Bonds we purchased, and the necessity of including December 2009 Accredited Suppliers Corp. documentation within the Securities and Exchange Commission filings, caused us to fail to meet our deadline to have the filing completed by June 30, 2010, as we expected. We hope that we can submit the documents to the auditor within 21 days. Also within 21 days, we hope to file unaudited quarterly reports for 2009 and, within thirty-five days, submit the unaudited quarterly filing for Q1 2010. We are planning to file Q2 2010 on time, or at least within the fifteen day extension window.
We expect to have an audit package from inception for Calichi Sino within sixty days. Once the auditor approves the package, we will move to promptly file the registration statement.
These deadlines are not etched in stone, but assume that there are no severe complications. "Shareholders need to understand that the whole concept of our subsidiaries is that they will be able to raise money through proper registration statements so that they can grow and become viable, profitable enterprises. Some delays were outside of our control, and others are plainly our fault due to staffing and other issues. However, we're working hard to keep everything together. For instance, our Accredited Suppliers officers are personally driving the company van and sleeping in low cost hostels while distributing auto parts in rural Central American cities. Had the documents been completed on time, they would already have funding to hire additional staff to replicate their profitable business program. Nevertheless, everyone is moving forward and we will ultimately complete our program," explained Andy William, Vice President of AccreditedBiz.
ABOUT ACCREDITED BUSINESS CONSOLIDATORS CORP.
ACDU is a diversified holding corporation. The total number of authorized common shares is 450,000,000, and the common share outstanding is 436,399,566, 329,086,266 shares are in the public float and on hand with CEDE & Co., 70,546,600 shares are restricted in certificate form, and 36,766,700 shares are unrestricted but in certificate form. There was an increase of 66 shares due to a correction to post-split shares at the request of the DTCC. There will be no increases in shares until at least 2011.
This is not an offer to sell securities. Statements made are forward-looking subject to risks and uncertainties. Statements included are made as of the date hereof, and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.