DOYLESTOWN, Pa., April 23, 2010 (GLOBE NEWSWIRE) -- Accredited Business Consolidators Corp. (Pink Sheets:ACDU) today announced that it entered a definitive agreement to create a vehicle and equipment rental company in Central America.
The Company directed its attorneys to form a Nicaraguan, Costa Rican, and Panamanian corporation known as Grupo Accredited RAC, S.A. Concurrently, a corporation in Pennsylvania will be formed to hold the shares of the foreign enterprises.
The Company believes the Pennsylvania holding corporation will be completed in ten days and the foreign corporations within four to six weeks. The first office will be in Managua. "We have preliminary agreements in place with several hotels to offer affordable car rentals to their guests with no hidden charges," said Denis Soto, who will be named Vice President of Accredited RAC.
In Central America, car rental companies advertise low car rates while deceptively forcing clients to purchase insurance products that are not needed. "Every car rental company in Central America charges their client $12.00 per day for something called Additional Liability Insurance while the rental company maintains the absolute minimum amount of insurance required by law and pays less than $100.00 per car in annual liability insurance costs," Soto explained. "We'll be upfront and honest, yet we'll provide a fair commission to travel agents and hotels. We believe the word will spread quickly," Soto added.
The Company presently has an arrangement to lease a beginning fleet of 35 in Nicaragua. In addition, My Pleasure Ltd. will be providing funding to purchase diesel generators, trailers, and other equipment that can be leased. "We'll rent more than cars," Soto said.
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 materially from anticipated results. Pay careful attention to all announcements and filings.