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IBAC Corporation's Board of Directors Announces a 25% Stock Dividend
Nov 13, 2006 08:57:07 (ET)
NEW YORK, Nov 13, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets:IBCX), a hospitality holding company, today announced that the Board of Directors has approved a 25% stock dividend to all common shareholders of record December 1, 2006, and payable December 15, 2006. The action was approved at a board meeting on November 10, 2006, with the effect of adding 25% more shares of IBCX. Edward W Hayter, Chairman & CEO, stated: "The dividend reflects the on-going success of the Company and rewards shareholders for their continued support. We are proud to present our shareholders with this third stock dividend by the Company in its brief two and a half year history."
The Company has previously announced the pending acquisition of a golf & country club property, this transaction is expected to be approved by the selling entity at a special Board of their Directors meeting on November 14, 2006, at that point and time all pertinent information regarding the property and transaction will be released.
The company had also previously announced a sale or transaction off of its restaurants in Florida, this proposed deal has not been completed at this time, if said deal is completed the shareholders would also receive an additional form of dividend when completed. This deal is under consideration as the Company is directing its efforts towards becoming a quality 100% real estate owned hospitality property Company.
In the past year the company has bought out its minority partner in the Sanibel Restaurant Group and has acquired The Sanibel Steak House in Bonita Springs both properties are now owned by IBAC Corporation 100%, The Company has removed its minority managing partner in the hotels and will attempt to gain the 100% ownership of those properties as well (IBAC Corporation is the majority partner (51%) in the hotels and the sole investor in them).
Wayne Burmaster, president and chief operating officer, stated that "the growth in all performance areas in 2006 was due to the continued success of our business development efforts in and around the marketplaces we serve. We are pleased with the continued, quality growth and increased earnings of the Company, and remain committed in our efforts to build a quality hospitality organization and increasing shareholder wealth."
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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