DOYLESTOWN, Pa., Feb 10, 2010 (GlobeNewswire via COMTEX) -- Accredited Business Consolidators Corp. (Pink Sheets:ACDU) issued a resolution yesterday that directs its officers to create a Business Development Company. The corporation will be known as Accredited Business Development Company and will elect to be governed by the provisions of section 55 of the Investment Company Act of 1940.
"The purpose of our new subsidiary, which will be able to raise capital on the markets after a registration statement is filed, is to invest in smaller companies that provide unique opportunities to us. The structure of this new enterprise will allow the regulatory flexibility found in the Investment Company Act," Joanna Chmielewska, President of Accredited Business Consolidators Corp., said.
Accredited Business Development Company's investments will be diversified in nature including investments into franchise operations, office supply stores, and computer supply stores in developing nations.
ACDU is a diversified holding corporation. The total number of authorized ACDU common shares is 450,000,000, and the number of common shares outstanding is 436,399,500. 329,086,200 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 will be no increase in shares until after June 30, 2010.
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Accredited Business Consolidator's control. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that Accredited Business Consolidator's objectives and plans will be achieved.
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