DOYLESTOWN, Pa., April 26, 2010 (GLOBE NEWSWIRE) -- Accredited Business Consolidators Corp., (Pink Sheets:ACDU), previously announced that its subsidiary, Envirocare Corp., was working on a business venture to sell environmentally friendly cementitious products that contain reduced Portland cement.
ACDU negotiated with multiple entities that offer green cementitious products. After a complete review, the Company determined that it would join an alliance between various professionals. The alliance formed a company, Calichi Sino Inc., to move forward with bringing green construction materials to market.
ACDU will not hold a control position in the new entity; rather, it will directly and indirectly own about 20% of the alliance. However, the scope of the alliance will be much broader than a green concrete plant in Nicaragua. Rather, CSI already began negotiations for multiple projects.
More importantly, the other members of the alliance include the creators of a green cement known as Zeobond. Zeobond's product, which is being produced and used in Australia, will be the starting point for CSI's offering. Additional members of the alliance include the founders of Harricrete Ltd. of Trinidad & Tobago, West Indies. Harricrete has extensive experience bringing cementitious products to market. Other participants in the alliance will be announced in the future as agreements are secured.
Over the next month, ACDU and the other alliance members of CSI will continue the process of finishing the exact share structure of the new entity. Thereafter, it will create a registration statement for CSI. CSI's Central Index Key number with the Securities and Exchange Commission is 0001489668. Shareholders are invited to review filings with the CIK code when they are released to be informed of further details.
ACDU believes its participation in CSI is an extraordinary opportunity as the alliance members are reputable and able to bring environmentally friendly building supplies to market. As stated, the alliance members are already offering green solutions to the construction industry and CSI will enhance the success of the numerous opportunities that will be presented through this venture.
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 shares outstanding is 436,399,500. 328,018,200 shares are in the public float and on hand with CEDE & Co., 70,546,600 shares are restricted in certificate form, and 37,834,700 shares are unrestricted but in certificate form. There will be no increases in shares until at least September 15, 2010.
The Calichi Sino Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7382
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.