NEW YORK, Dec 21, 2004 (BUSINESS WIRE) -- IBAC Corporation (ICAN.PK) announced yesterday after the bell that during a Special Meeting of the Board of Directors the Company approved an increase of a nine percent (nine share) stock dividend to be paid simultaneously with the previous announced dividend of one percent (one share).
The share dividend will be effective on January 7, 2005. Stockholders of record will now be entitled to an additional ten shares of common stock for each one hundred shares of common stock held on that date. The proposed stock dividend is subject to regulatory approval."This Ten percent (10%) stock dividend is intended to lay the groundwork for the anticipated growth of the Company,"said IBAC Corporation President&CEO Edward W Hayter."It is also part of our ongoing efforts to improve trading liquidity, broaden ownership, bring awareness to the company and enhance shareholder value."RETURN RETURN The Company would also like to address certain shareholder questions and concerns that have been presented; Regarding Mr. Richard/Chris Astrom neither man has a management or ownership position with the company as previously stated.
The company will be closing on the first of its three Sanibel Steakhouse Restaurants per the previously announced contract terms on January 4, 2005 and will take possession of that property immediately this will add revenue to the company of 2M dollars plus per year for that location.
The National Hospitality Management Services Co. subsidiary has been awarded certain contracts that will be finalized by January 15, 2005 which brings revenue to the company of approximately 4M dollars plus.
The company intends to become a fully reporting company within the next six months.
The company feels that with its current businesses and contracted acquisitions it will have a balance sheet to support a move to either the otcbb or the nasdaq small cap exchanges within the coming year.
Current Management has been in control of this company for approximately three months and intends to build the company according to their stated business plan and if any person or persons continue to liable, slander, present misinformation or otherwise act in a fashion that is detrimental to the company or its shareholders The Company will seek full retribution of the law.
its back up to .0005 once again. had my order in for a couple hours now. wonder why is isint filling or atleast partially filled. oh well got in cheap and it should take off some next month.
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