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Steve Earl
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I have a BBA in Management and have worked across several industries. Currently, I am an electrical designer for an industrial engineering company. I am an active trader who successfully uses charts, industry news and company fundamentals to maximize profits. I hold several long-term positions... More
  • Accredited Business Consolidators Corp (IOVE)., formerly The Italian Oven Inc.: On the Right Path?
    If you follow OTCBB and Pink Sheet stocks like I do, you may have noticed Accredited Business Consolidators Corp. (stock ticker symbol: IOVE) build a house where dreams are made. I say it this way because until recently, IOVE was virtually unknown and in obscurity among the vast land of the pennies.

    For a short history lesson, IOVE was recently trading around its low. Then on August 7, 2009, the company, through an SEC filing (and not a public relations company) released information stating that it would extend a share issuance moratorium until January 15, 2010, along with specific present share structure.

    Over the next couple of months, the company began revealing plans for future growth including business acquisitions. Then the bombshell exploded. The company announced that it would reduce the authorized shares and outstanding shares. Many were cautious of this “news”, mostly because we have heard this before with other companies. But, true to its word, the share structure changed as publicized, filing the paperwork with the Pennsylvania Secretary of State. The company also changed its name to Accredited Business Consolidators Corp. and are currently filing the necessary forms to FINRA to change the ticker symbol.

    The company continues to put out meaningful announcements. At one point, a couple of stock promotion groups began coverage on IOVE. The company was quick to issue an 8-k stating that they did not authorize any promotion on the company, but acknowledge that anyone could do so on their own accord.

    I have said “meaningful announcements” above because the company does several things correct. The company files an 8-k with the SEC for each announcement. The company is not afraid to state its share structure on record. And the company has completed every task it has announced so far (i.e. business acquisitions, SEC filings.) In addition, Joanna Chmielewska, the CEO, has been accessible to several inquiries concerning the company’s future.

    Where does IOVE go from here?

    Currently, the share price is around $.01, after retracing from a high of $.017 with heavy volume the last few days. Although the company is just beginning to obtain revenues, the potential seems to be increasing with every day that passes. The share issuance moratorium is still in effect with the following proudly posted with the company’s announcements in the About Accredited Business Consolidators Corp. section: “Accredited Business Consolidators Corp., f/k/a the Italian Oven, is a diversified holding corporation. The total number of common shares outstanding is 436,399,500. 328,018,200 shares are in the public float, 70,546,600 shares are restricted in certificate form, and 37,834,700 shares are unrestricted but in certificate form. There will be no increase in shares until at least April 2010.”

    With continued disclosure, I see Accredited Business Consolidators Corp. setting the standard by which pink sheet companies must attain to the next, higher level (i.e. upgrade stock exchange). With this in mind, I think the company is on the right track to begin its path toward that dollar calling and beyond.

    Disclosure: I do hold a long position in IOVE.
    Oct 19 9:24 PM | Link | 4 Comments
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