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IBCX aquires Rosswood Country Club Rosswood Country Club Board Unanimously Agrees to Sell the Historic Property to New York Based IBAC Corporation Thursday November 30, 11:00 pm ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (PINK SHEETS: IBCX - News) a Hospitality/Resort Holding Company reported that tonight the Board of Rosswood Country Club in Pine Bluff, Arkansas unanimously agreed to sell the historic property to IBAC Corporation. The Property will be a 100% owned subsidiary of IBAC Corporation ADVERTISEMENT
The country club & golf course a 72 par/6,908 yards was commissioned by International Paper and built and designed by the world renowned golf course designer Alfred H. Tull and opened in 1961, and includes tennis courts, pool, banquet space, restaurant, bar, pro shop with a resident pro. The property encompasses approximately 200 prime acres. For further information visit: http://www.southcentralgolf.com/Pages/Templates/ ArkPrivDetail.php?recordID=Rosswood%20Country%20Club (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
The company intents to utilize the country club as an added amenity to the hotel it owns The Royal Arkansas Hotel & Suites in Pine Bluff, Arkansas, The company also intends to incorporate/build a number of tasteful high end single family homes and/or condos on the property abutting the golf course while not compromising the courses history or design, thus creating additional profits from the acquisition while defraying the acquisition cost. The company also intends to maintain the current members of the board on an advisory basis; it is the intent of the company to increase membership back to the level that this property has once enjoyed, with the prestige and level of service equal to or beyond its history.
"We are very excited with the Rosswood Country Club Boards approval of this acquisition as it opens a whole new stream of revenue and adds another significant real estate owned property to our portfolio, the number of profit centers involved with this property are extremely exciting, membership fees, wedding receptions, liquor and food sales, catering etc. The company will never compromise the integrity of this world class property, it is only our intent to restore and enhance its position in history. We expect to close and take possession of the property by year's end." said Wayne Burmaster, President IBAC Corporation.
"We are totally committed to the city of Pine Bluff and the community and we will continue to invest in quality properties in Arkansas" added Wayne Burmaster President IBAC Corporation
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Resort, Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: www.ibaccorp.com.Posts: 660 | From: california | Registered: Nov 2005
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Rosswood Country Club Board Unanimously Agrees to Sell the Historic Property to New York Based IBAC Corporation
Nov 30, 2006 23:00:05 (ET)
NEW YORK, Nov 30, 2006 (BUSINESS WIRE) -- IBAC Corporation (PINK SHEETS: IBCX) a Hospitality/Resort Holding Company reported that tonight the Board of Rosswood Country Club in Pine Bluff, Arkansas unanimously agreed to sell the historic property to IBAC Corporation. The Property will be a 100% owned subsidiary of IBAC Corporation
The country club & golf course a 72 par/6,908 yards was commissioned by International Paper and built and designed by the world renowned golf course designer Alfred H. Tull and opened in 1961, and includes tennis courts, pool, banquet space, restaurant, bar, pro shop with a resident pro. The property encompasses approximately 200 prime acres. For further information visit: http://www.southcentralgolf.com/Pages/Templates/ ArkPrivDetail.php?recordID=Rosswood%20Country%20Club (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
The company intents to utilize the country club as an added amenity to the hotel it owns The Royal Arkansas Hotel & Suites in Pine Bluff, Arkansas, The company also intends to incorporate/build a number of tasteful high end single family homes and/or condos on the property abutting the golf course while not compromising the courses history or design, thus creating additional profits from the acquisition while defraying the acquisition cost. The company also intends to maintain the current members of the board on an advisory basis; it is the intent of the company to increase membership back to the level that this property has once enjoyed, with the prestige and level of service equal to or beyond its history.
"We are very excited with the Rosswood Country Club Boards approval of this acquisition as it opens a whole new stream of revenue and adds another significant real estate owned property to our portfolio, the number of profit centers involved with this property are extremely exciting, membership fees, wedding receptions, liquor and food sales, catering etc. The company will never compromise the integrity of this world class property, it is only our intent to restore and enhance its position in history. We expect to close and take possession of the property by year's end." said Wayne Burmaster, President IBAC Corporation.
"We are totally committed to the city of Pine Bluff and the community and we will continue to invest in quality properties in Arkansas" added Wayne Burmaster President IBAC Corporation
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Resort, Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: www.ibaccorp.com .
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "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, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
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