posted
Wow, another PR, am I too gullible or does anyone else think that Ed is being honest about the end of this quarter? All I can say is I am not selling at this point, I just need the stock to get to .0003 and I will make money.
Tom
Press Release Source: IBAC Corporation
IBAC Corporation Reports December Revenues and Status of Audited Financials Tuesday January 3, 9:03 am ET
NEW YORK--(BUSINESS WIRE)--Jan. 3, 2006--IBAC Corporation (ICAN.PK) today announced revenues for the month of December for The Sanibel Restaurant Group, Memphis Ramada Hotel and The Royal Arkansas Hotel & Suites of $352,523.50 combined, total revenue for the year of $3,974,964.00. These revenue figures are compiled from internal company accounting/bookkeeping and are subject to audit by the company's independent accountants/auditors.
For the month, The Sanibel Restaurant Group revenues were on par with the same period last year (per previous ownership records). The Royal Arkansas Hotel & Suites had a significant gain over last year for the same period over last year due to increased banquet sales and room sales and we expect a continued increase in revenues for the upcoming New Year. The newly acquired Memphis Airport Ramada (soon to be converted to a Days Inn) had an increase of revenues over the same period last year and we expect to see an increase in revenues continuing throughout this year.
The revenues represent the first complete year of operations for only the The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites, The Memphis Airport Ramada did not have a full year of revenues as it was acquired in June of 2005. The annual revenues company wide was below previous projections as the company opted not to purchase two other Sanibel Steakhouses that were under contract as the company took a shift in strategy to only acquire revenue producing assets that include ownership of the real estate/land. The company does expect to show a profit on reported revenues and will be substantiated with the completion of audits.
The company projects that with only the existing assets and the completed conversion of the Memphis property to a Days Inn and with the addition of a Country Kitchen Restaurant at its Memphis Property revenues for 2006 will be in the 7.5 to 8.5 Million dollar range. The company will continue to maximize revenues from all of its holdings while concentrating on acquiring additional depressed properties to increase revenues either via joint ventures (the company always maintains majority control) or sole ownership.
The company expects the audits to be completed on or before the end of the first quarter as now we are in a position to show a worthwhile balance sheet with a profit and significant equity as asset values have increased do to increased revenues. The importance of presenting the company in the best possible financial position can not be under estimated as we ready the company to move to the otcbb.
About IBAC Corporation:
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant and other industries. IBAC now operates businesses as the majority owner with over 100 employees in Florida, Tennessee & Arkansas that includes a 200 room full service hotel, 127 room limited hotel, 4 restaurants/lounge 10,000 sf of banquet space and the exclusive concession, food, beverage & catering contract with the Pine Bluff Convention Center.
IBAC operates through its subsidiaries, The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites/National Hospitality Management Services/Monarch Entertainment Group Worldwide/Memphis Airport Ramada; IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. Visit the company website at www.ibaccorp.com.
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
-------------------- You Can't Have Everything...Where Would You Put It? Posts: 61 | From: Baltimore, Maryland | Registered: Feb 2004
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posted
well i like the news but at this point i take everything i hear from a sleezy pink sheet ceo with less than a grain of salt.
at this time last year i was just getting into pink sheets and i thought immmmm gooonnnnna beee riiccchhhh with these. they all seemed to put out pr's stating buybacks otcbb listing coming ect............. so when i am still hearing this a year later or more than a year for many who have been following longer i dont really get too excited.
although i still remain some hope that this stock will recover as i think ican be pateint enough to wait and see.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
Who knows if Ed is being honest but more important to me is that by looking at their projected numbers it looks like the s/p should conservatively be at .0006.
But we need to see additional acquisitions for the price to increase to the penny level.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
hey i like your thinking mikensay. i would be stoked at this point just to get back to the .001 range. good luck to all. hey maybe if we all start chanting in the mornings i think ican i think ican this will start moving again hahaha. sorry for the sillyness pink sheet stocks have made me totally wacky and disturbed.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
mike if you dont mind me asking how did you come up with that number for the share price im not doubting your calculations just curious.
if i remember correctly this has 12 billion a/s right and we really dont know what it is worth. but * .0006 times 12 bil= 7.2 million is that right my calculator is an old one hehe.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
Yeah, there are 12.2B A/S but really my calculations don't mean much. We don't know what the leverage or profit of the company is. They could be 100% financed or just 20% so that has a lot to do with it.
Also, we don't know what the multiple would be. If it should be 3x, 15x or 25x. Personally, I'd like it to be 15x and s/p sitting somewhere between .05 and .12.
Don't know if you were around but early last year they claimed that someone offered them between .03 and .05 per share and they thought that was low.
Get me to the .12/share and I'll be sittin pretty.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
hey i would be more than happy with five cents but anything higher would just be gravy.
so if you dont mind me asking how many shares do some of you folks have on this thing. i was able to buy a few at .0001 a while back so im sitting on 21.5 million. i heard of a guy who had over 90 million a while back not sure if he is still holding them though.
if anyone cares to share i would love to know how many shares you all are sitting on or if i am the lone bagholder hehe.
thanx and good luck to all icaners.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
well it looks like the put out another pr stating the revs for the year where under stated by about 370,000 not bad lets just hope for a continued growth and more aquisitions in the coming months along with an awsome audit.
posted
these hotels are very run down and in need of much repair..You can ck. out the ratings by going to web site of each hotel...It's not a pretty site.
posted
I have a little over 11M shares. If this thing starts seeing steady volume (like last year), I'll continue to accumulate.
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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quote:Originally posted by ACHULL: these hotels are very run down and in need of much repair..You can ck. out the ratings by going to web site of each hotel...It's not a pretty site.
Allen, you live in Memphis right? Can you do some detective work for us and stop by the hotel to see what it looks like? Also to see how the Country Kitchen's progress is coming along? Thanks.
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
Somebody's not being honest- NEW YORK--(BUSINESS WIRE)--Jan. 3, 2006--IBAC Corporation (ICAN.PK) today after the bell announced an upward correction to the total 2005 company wide revenues to $4,344,576.00 opposed to $3,974,964.00 that was previously stated the difference/addition of $369,612.00 is attributable to food service related revenues.
jan 245,872.27 feb 415,971.98 mar 550,023.25 apr 288,862.98 may 326,418.27 jun 285,525.79 jul 380,316.64 aug 373,548.59 sept 640,737.89 oct 487,585.32 nov 351,532.88 dec 352,523.50 4,698,919.36
-------------------- Keep your technical systems simple. Complicated systems breed confusion; simplicity breeds elegance. Posts: 1679 | Registered: Oct 2003
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posted
Do you guys have a chrystal ball I can borrow?This stock seems dirt cheap now.Can it ever go to 0.001?
Posts: 107 | Registered: Sep 2005
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posted
It is dirt cheap. I think it can get to .001 but it will take time. They've stated in the last PR the intent of having audits complete by end of this quarter. If this happens it should be good for us.
Unaudited revenues are far behind what I was hoping for, but more importantly we still need to see the debt service to determine whether the s/p will rise or not.
Just my opinion, do your research, there's plenty to learn about this company.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
You have to watch this guy and his half-truths. All he says is "The company expects the audits to be completed on or before the end of the first quarter" He never says they are offical audits to join the OTCBB. For all we know they can be audits made by his girlfriend. He gives revenue all the time but no expenses. Sure he can make 4 million a year in revenue but it means nothing if he has 5 million in expenses.
Dont even think about buying this until it starts to move.
-------------------- If you made money, it was a good trade Posts: 453 | From: Cleveland, Ohio | Registered: Apr 2005
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posted
Good points Talon. I'm really nervous about the debt load on this company.
I also think he's dangerous. I like the model, what we know of it, but many real estate ventures go bust. I know most people think of this as restraunt business but I see it more as a real estate venture.
I also didn't like the line in the last PR regarding joint ventures. IF they are already looking at joint ventures, I see them being capitalized with hard money and the interest rate can't be great.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
I've got 3.6 mil shares, and have teeny tiny gonads on spending any more money...lots of prayers just to get out of this thing whole.
Posts: 2 | From: Mesa AZ | Registered: Mar 2005
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posted
IBAC Corporation President & CEO Completes Share Purchase Tuesday January 10, 8:56 am ET
NEW YORK--(BUSINESS WIRE)--Jan. 10, 2006--IBAC Corporation (ICAN.PK) today announced that Edward W Hayter President & CEO has completed the previously announced purchase of IBAC shares for his personal portfolio and will continue to purchase additional shares. ADVERTISEMENT
Mr. Hayter said, "I have strong confidence in IBAC and believe, given our prospects and current assets & revenues our stock is undervalued and I intend to accumulate additional shares, in addition to the previous purchases on the open market."
About IBAC Corporation:
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant and other industries. IBAC now operates businesses as the majority owner with over 100 employees in Florida, Tennessee & Arkansas that includes a 200 room full service hotel, 127 room limited hotel, 4 restaurants/lounge 10,000 sf of banquet space and the exclusive concession, food, beverage & catering contract with the Pine Bluff Convention Center.
IBAC operates through its subsidiaries, The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites/National Hospitality Management Services/Monarch Entertainment Group Worldwide/Memphis Airport Ramada; IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. Visit the company website at www.ibaccorp.com.
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
posted
Ok like I said in the other thread.... Completed the buy back, at what price? I am assuming it was the sells going through for less then the .0001 over the past few months????? Sorry everyone just getting tired of seeing that same old .0001 or below.
-------------------- You can learn many things from children.......... How much patience you have, for instance. Wealth and children are the adornment of life. I have 5 children and 32 day care children now working on the wealth part. heheheh Posts: 139 | From: All smiles child care | Registered: Aug 2005
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quote:Originally posted by mikensay: Good points Talon. I'm really nervous about the debt load on this company.
I also think he's dangerous. I like the model, what we know of it, but many real estate ventures go bust. I know most people think of this as restraunt business but I see it more as a real estate venture.
I also didn't like the line in the last PR regarding joint ventures. IF they are already looking at joint ventures, I see them being capitalized with hard money and the interest rate can't be great.
I also have my doubts, but in his last PR he said they had a profit. How can they go bust when there having profits?
Posts: 11 | Registered: Dec 2005
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posted
Glad to see some interest building in this stock, we haven't seen any volume in what seems to be months now, aw yeah it has been months. Hopefully, we can get this thing up a few ticks. Hoping certainly not predicting.
Tom
Posts: 61 | From: Baltimore, Maryland | Registered: Feb 2004
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posted
I thought they were supposed to buy back shares and retire them NOT buy some shares for the CEO's personal portfolio. What good does it do for him to buy some shares at .0001? You know as soon as the price goes up to .0002 he will be selling them off at a 100% profit and bring us right back to .0001
-------------------- If you made money, it was a good trade Posts: 453 | From: Cleveland, Ohio | Registered: Apr 2005
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posted
this could be the beggining of a small run folks it has been at no bid for a while im glad my sell order never went in the other week.
i put in a few mil for sale at .0001 and now it looks like if a group picks this one we could actually see some upticking in the near future. i dont know how high this can go but i would like to see our next pr stating a share reduction of some sort. man if this ever gets to a penny ill be one happy happy dude. good luck to you all.
i will certainly not be holding all my shares if this runs though the name of the game in penny land is dump and run buyback later.
21.5 million long.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
This is an odd PR. Ed completed buying shares for himself? You're right Talon they were supposed to be repurchasing and retiring shares. I think I posted several weeks ago the company reply to me on that and it was confirmed that that was the plan.
Not that the website is updated very frequently but I see that the O/S and A/S are still the same.
Also, is Ed not going to disclose how many shares he purchased? I mean he could be satisfied with purchasing 100 shares.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
426 million shares traded and no movement in price. This is what should be scaring all of us.
Posts: 806 | From: CT | Registered: Dec 2005
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posted
Wow its still .0002, what gives? This stock never goes over .0001....hahahahahaha
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
well i think the mm's are painting the tape the trade at .0002 was for about ten bucks so read into it what you would like to.
i am happy though that this seems to have awakened at this point it seems like a pretty good gamble that in the coming days,weeks,months.... we might be able to sell for .0002 if we want to.
good luck to all that are still holding this baggy. as for me i think ican i think ican.
wouldnt it be nice to just once have one of your big pennystock positions open up at a penny on the bid? yahooooooooo!!!!!!!!!!!
come on ed massive buybacks and share retirement i have faith in you i know youcan i think ican you can whatever just DO IT!!!
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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