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IBAC Corporation Reports April Revenues for Two of Its Subsidiaries & Other Company Business Business Wire - May 05, 2005 09:07
NEW YORK, May 05, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) today reported revenues for April of two of their subsidiaries, revenues were $288,862.98 combined for The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites.
For the month, The Sanibel Restaurant Group revenues were $175,705.98, or a 24 percent gain, over the same period last year. The Royal Arkansas Hotel & Suites revenues increased to $113,157.00 or a 51 percent gain over the same period last year. (The company did not own these subsidiaries were operated by previous owners last year) These revenue figures are compiled from internal company accounting/bookkeeping and are subject to an audit by the company's independent accountants/auditors.
"We are very pleased with the operating results of these two subsidiaries and attribute the growth in revenues to the management capabilities of Mr. Karl Wenzel and Mr. Gary Becker respectfully. The significant growth was achieved because of the company's ability to recognize undervalued and mismanaged properties along with its ability to make acquisitions of such properties rather quickly. We will continue to use this formula to grow the company and continue to seek additional synergistic properties through mergers, acquisitions or the creation of new entities to maximize and increase revenues," said Edward W. Hayter President & CEO of IBAC Corporation.
The company's other two subsidiary's National Hospitality Management Services which holds the contract for all food, beverage, catering & concessions at The Pine Bluff Convention Center had partial income and will be reported within the second quarter revenues, The Royal Entertainment Group had no revenues as it has recently been folded into the Monarch Entertainment Group Worldwide and expects to begin revenue generation starting with the company's first event at the end of this month.
The Company had previously announced that it intended to complete the already contracted acquisition of the Bonita Springs property on April 15, 2005. Per the terms of the contract the company has the option to close up to August 2005 (phase two of the Sanibel Contract) After careful review the company decided to take possession of said property at the end of August as this will then lead into the "season" in Florida for the industry thus giving the company the advantage of a head start for that location and avoiding the slower summer season, this decision was deemed as in the best interest to the company financially. The cost of this acquisition is $1,470,000 and the company is in position to complete this transaction, the company also has the option to purchase the land and building within four years of closing for $1,200,000.
The third location (phase three) Naples is scheduled to close on January 4, 2006 at the request of the sellers for tax purposes and we the company have agreed to that, the cost of said acquisition will be $2,600,000 the company is in a position to complete this transaction, with an option to purchase the land and building for an additional $3,400,000 within four years of closing.
Upon closing of all three properties/restaurants gross revenues will be $10,000,000 and if the Real Estate options are exercised this will give assets to The Sanibel Restaurant Group Subsidiary of some $9,720,000.
The company plans on the building of the Sanibel Brand through various methods and merge or spin off into a fully reporting OTCBB company or better in the very near future. The company is currently negotiating another property/restaurant in Florida with revenues of $4,000,000 per year and expects contracts in the near future.
The company's Hotel subsidiary is also reviewing two Hotel properties in Memphis and Detroit and expect to negotiate terms on one or both this year.
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group / National Hospitality Management Service/ Monarch Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
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 restaurant 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
Finally some answers on the acquisitions! Hate to see it postponed till then but at least we know what is going on and why they are doing it.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
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posted
It is a good idea to wait until August to close on the Sanibal location. That place is dead in the summer. Revenues would not look good! Go ed!
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
This seems pretty good, but I'm not getting my hopes up about the pps moving. Last 2 or 3 good PR's the price didn't budge--actually dipped.
Posts: 722 | From: Richmond, Va , USA | Registered: Mar 2004
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leardron,like me you've been here a long time,in your opinion what should the pps,without the mm manipulating,ok it is really not that important once 've the dividend spin-off,but wanna 've a fair estimate of the value of ican,
Posts: 207 | Registered: Jan 2005
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Well if you go by the fact that the O/S after this up and coming forward split is going to be a little over 1.6 Billion share and take the fact that they currently own properties that are producing about 300 to 500 thousand per month with a bunch of acquistions coming I would say it currently should be around .0012 to .0015 and increase as the acquistions come in and we increase the revenue. Now this is just my opionion, take it for what it is worth.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
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thx leardron,by the way still have m 12m and now with the 15% that's another 1.8m,good investment i hope in the near future
Posts: 207 | Registered: Jan 2005
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I don't understand the small buys and/or sells. I saw one earlier today for 8,125 shares. That amounts to about $3.25. My commision fee is 3x that amount.
Just curious, but selling or buying that small amount just doesn't seem to make sense when the PPS is so low.
Posts: 61 | From: Baltimore, Maryland | Registered: Feb 2004
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problaby broken order,otherwise mm playing this for a long time,hope that spinn-off will come soon,get sick and tired of it
Posts: 207 | Registered: Jan 2005
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yep, this is definitley a long term stock here. Things are developing well but slowly . I was over on Pal Talk and one of the guys over there said that they know one of the properties that Ed was looking to acquire in Florida and he said that it is a nationally know restaurant that does incredible business. I hope he is right on that one.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
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It's basically unregulated Pennyland, folks. Anything is possible because there are no hard and fast rules being enforced don't you think. Even the head of Pink Sheets is pleading with SEC for regulation to salvage the reputation and ensure stability of Pennyland
-------------------- Just the facts, ma'am. Posts: 1083 | From: New Jersey | Registered: Mar 2005
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-------------------- Do not believe in anything simply because you have heard it or it is spoken and rumored by many. But after observation and analysis,when you find that anything agrees with reason And is conducive to the good and benefit of one and all, then accept it Posts: 305 | From: NJ | Registered: Jan 2005
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Holding here for some PR that will put it over the top, but not holding my breathe.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow Posts: 4727 | From: Elk Grove ( Sacramento )CA USA | Registered: Jun 2004
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WOW, 70 Million shares traded already and most of that was at .0004 too wasn't it? Something is up.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
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quote:Originally posted by Leardron: WOW, 70 Million shares traded already and most of that was at .0004 too wasn't it? Something is up.
I sure hope that you are right, we need a good PR to get this baby moving
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow Posts: 4727 | From: Elk Grove ( Sacramento )CA USA | Registered: Jun 2004
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hey anyone getting filled today @.0003 im trying to i thought i would get filled on the dip to .0002 but i didnt.order is still sitting there im trying to round off my shares to 2.5mil.good luck to all currently @1,610,000 and adding when i can.i love ibac i intend on holding as long as it takes im sure ed hayter has his downfalls and probably moments of dishonesty or half truth but for some reason i beleive in the success of this companies future.i will be accumulating up to 5 million shares on ican.good luck to all.
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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posted
wow looked in late does anybody have a clue as to why all the volume? can't find any pr anywhere Posts: 6008 | From: phoenix az | Registered: Mar 2005
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no news that i could find maybe someone who knows something is accumulating.im simply accumulating on faith in this company i havent heard anything new yet.keep up the good work eddy hayter we beleive in you and know you CAN.
I THINK ICAN , I THINK ICAN!!!
-------------------- gotta know when to hold em and when to .......... Posts: 1525 | Registered: Mar 2005
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quote:Originally posted by bond006: wow looked in late does anybody have a clue as to why all the volume? can't find any pr anywhere
The Ask dropped to .0003 for most of the day and people loaded up. That's the main reason for the volume. I ended up picking some more up too. If it goes back down there today I will buy more. Awesome buying opportunity right now.
Posts: 1006 | From: Camp Hill, PA, USA | Registered: Mar 2004
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