IBAC Corporation Completes the Formation of a Wholly Owned Entertainment Subsidiary
NEW YORK, Feb 23, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) today announced the formation of a wholly owned entertainment subsidiary named The Royal Entertainment Group, Inc. "We are very excited about the formation of this new entity, as we will be using this subsidiary to book concerts and events into the Pine Bluff Convention/Arena Complex, thus increasing traffic to the complex and the company's restaurants, bars, concessions at the convention center and hotel. We are currently negotiating dates with such artists as BB King, Ashford & Simpson, Al Jarreau, Roberta Flack and other acts with the intent of producing at least one show every six weeks or so. It is the company's intent to maximize its revenue stream through out the entire complex," said Edward W. Hayter President.
The Newly formed subsidiary will be responsible for bringing first class entertainment to the complex in the form of plays, music , sporting and other events. Currently the company is working on a full slate of events for the remainder of the 2005 season with offers pending on several shows and events, as this will create another source of revenue to the company while enhancing traffic to the complex.
IBAC Corporation currently operates through its subsidiaries National Hospitality Management Services and The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites and The Royal Entertainment Group, Inc. The company has some 100 employees and with the addition of the two contracted Sanibel Steakhouses the company will then have some 175 to 200 employees.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates some current prospects.
About IBAC Corporation: (Pink Sheets:ICAN). IBAC Corporation, a food and beverage services/restaurant holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services, IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
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FEB 23 2005 IBAC Corporation Completes the Formation of a Wholly Owned Entertainment Subsidiary IBAC Corporation (Pink Sheets:ICAN) today announced the formation of a wholly owned entertainment subsidiary named The Royal Entertainment Group, Inc.
"We are very excited about the formation of this new entity, as we will be using this subsidiary to book concerts and events into the Pine Bluff Convention/Arena Complex, thus increasing traffic to the complex and the company's restaurants, bars, concessions at the convention center and hotel. We are currently negotiating dates with such artists as BB King, Ashford & Simpson, Al Jarreau, Roberta Flack and other acts with the intent of producing at least one show every six weeks or so. It is the company's intent to maximize its revenue stream through out the entire complex," said Edward W. Hayter President.
The Newly formed subsidiary will be responsible for bringing first class entertainment to the complex in the form of plays, music , sporting and other events. Currently the company is working on a full slate of events for the remainder of the 2005 season with offers pending on several shows and events, as this will create another source of revenue to the company while enhancing traffic to the complex.
FEB 22 2005 International Broadcasting Corporation Announces New Sponsor for ``Stock Talk LIVE'' Radio Show: IBAC Corporation International Broadcasting Corporation ( IBCS ), announced today that it has signed on a new sponsor for its radio talk show "Stock Talk LIVE." IBAC Corporation ( ICAN ) is the latest sponsor for the show. "Stock Talk LIVE" is a fully interactive business radio talk show focused exclusively on micro-cap stocks. The show is "on-the-air" each and every stock market day from 9:30 AM to 4 PM EST.
Interactivity, interesting guests, and significant short-term trading opportunities are featured in each edition of "Stock Talk LIVE." Interviews, commercials, and news updates about IBAC Corporation will air on the show. IBAC Corporation will also get additional exposure on other programs that air on the IBC Radio Network.
Feb 18, 2005 IBAC Corporation CEO T address shareholder during question and answer session on "PalYalk"
Dan York Administrator for www.paltalk.com Sterling's Classroom today announced that he has invited IBAC Corporation (Pink Sheets: ICAN), Management to participate in their free public forum for a question and answer session on Tuesday February 22, 2005 at 9PM EST. Edward W. Hayter, the Company's President and Chief Executive Officer, has accepted the invitation.
"I look forward to addressing any and all questions or comments regarding our company from shareholders and non shareholders alike, as this will give me the opportunity to set the record straight on many issues regarding our company and the company's plans moving forward," said Edward W. Hayter President & CEO.
For all interested if you are not a member of Paltalk already you can download a version of the required software for free at: http://www.paltalk.com/PalTalkSite/ ___________________________________________________________
Feb 17, 2005 IBAC Corporation (ICAN.PK) is in discussions with a Company to sell certain assets of IBAC. In the event that an agreement is reached, the subject assets would be sold in exchange for stock in a public entity trading on the bulletin board market. The public entity would be required to register the stock for distribution to the IBAC shareholders.
The discussions have not been solidified into a formal agreement as of yet, but are proceeding quickly. Any agreement will be subject to proper regulatory approvals and shareholder's consents. Moreover, the transaction would also be subject to an audit of IBAC's financial statements and an appraisal of the assets which would be subject to the sale.
IBAC has already retained an auditor, as previously announced, and intends to distribute an annual report to its shareholders upon completion of its financial statements, regardless of the potential transaction.
IBAC Corporation currently operates through its majority owned subsidiaries National Hospitality Management Services, The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites the company has some 95 employees and with the addition of the two contracted Sanibel Steakhouses in the near future the company will then have some 175 to 200 employees. ___________________________________________________________
Feb 16, 2005 IBAC Corp announces that it has agreed in principle to spin off some or all of its assets to an otcbb company subject to all regulatory approvals & SEC filing requirements.
"The spin off of assets should result in a premium to shareholders (to be determined) once the transaction is completed. The terms and conditions of the spin off will be made public upon completion of agreements along with the otcbb company and symbol. The company intends to execute this agreement as a stock dividend with free trading shares of a fully reporting OTCBB company to ICAN shareholders with the effective date to be announced in the near future. The agreement is subject to completion of audited financials of IBAC's assets and all SEC requirements. " Said Edward W Hayter President & CEO
Feb 10, 2005 IBAC Corporation (ICAN:PK) today announced the completed acquisition of a majority interest in The Royal Arkansas Hotel & Suites. The acquisition was completed at the law offices of Legal & Compliance, LLC of West Palm Beach, Florida
"We are very pleased with the speed at which this acquisition has been completed with a very special thanks to Laura Anthony, Esq, The Royal Arkansas Hotel & Suites will now be under the IBAC umbrella as a majority owned subsidiary of the company as we continue to grow our company." Said Edward W. Hayter- President ___________________________________________________________
Feb 9, 2005 IBAC Corporation (Pink Sheets:ICAN) today announced the formation of an entertainment subsidiary to be named Royal Arkansas Productions, Inc.
"We are very excited about the formation of this new entity, as we plan on using this subsidiary to book concerts and events into the Pine Bluff Convention/Arena Complex, thus increasing traffic to the complex and the company's restaurants, bars, concessions at the convention center and hotel. We are currently negotiating dates with such artists as BB King, Ashford & Simpson, Al Jarreau, Roberta Flack and other acts with the intent of producing at least one show every six weeks or so. It is the company's intent to maximize its revenue stream through out the entire complex," said Edward W. Hayter President.
The company is in the initial stages of having an audit performed for the purpose of becoming a fully reporting entity with the intent of either becoming listed on the OTCBB or Nasdaq Small Cap Exchanges.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates some current prospects.
Feb 7, 2005 IBAC Corporation (ICAN:PK) today announced the closing date for The Royal Arkansas Hotel & Suites. The closing is scheduled on or before March 1, 2005 upon completed contracts due this week.
"We are very excited about this asset coming into our fast growing company as it will add some 3 to 4 million dollars a year in revenue and enhance our presence within the Pine Bluff Convention Center Complex, along with other current assets this will bring our projected revenues to 7 to 8 Million for this year as the company stands right now. Upon closing the two other contracted Sanibel Steakhouses by years end this will give the company another 5 to 6 Million in revenues over all giving the company through its subsidiaries a combined revenue stream of some 12 to 14 Million dollars per year, we are keeping within are stated strategy of aggressive growth over the next three years ." said Edward W Hayter President
Feb 3, 2005 IBAC Corporation (PINK SHEETS: ICAN), a leading food & beverage/restaurant company today announced that Edward W Hayter, the Company's President and Chief Executive Officer, is purchasing additional stock from the open market for his personal account. Mr. Hayter intends to purchase stock on the open market in accordance with SEC Rule 10b-18.
Mr. Hayter said, "I have strong confidence in IBAC and believe, given our current position, our stock is undervalued and I intend to accumulate up to 500,000,000 shares to add to my portfolio in the near term."
Mr. Hayter added, "With our current assets and revenue stream along with the addition of The Royal Arkansas Hotel & Suites we have shown solid growth and the current quarter looks very good. Along with other prospects I believe our future will be a surprise to the marketplace.
Feb 2, 2005 IBAC Corporation (PINK SHEETS:ICAN) today announced that they have entered into a definitive letter of intent whereby IBAC will acquire a majority control interest in The Royal Arkansas Hotel & Suites, Inc. the transaction is subject to a definitive agreement and all regulatory approvals.
The Royal Arkansas Hotel & Suites is a 200 room five story atrium Hotel on the grounds of the Pine Bluff Convention Center and is attached to the Convention Center. The Hotel features an indoor swimming pool two restaurants a lounge and 10,000 square feet of banquet space and 4000 sq feet of rent able office space in the lobby area. The hotel has a 23M dollar replacement value and was built in 1989 by Kemmons Wilson the founder of Holiday Inn and is approximately 180,000 square feet in size and holds a full liquor license.
The Pine Bluff Convention Center ( www. pinebluffonline.com) has 90,000 square feet of meeting and exhibit space, the Convention Center is the fourth largest meeting facility in the state of Arkansas. This colossal center features a state-of-the-art arena, an auditorium/theater, banquet hall, spacious lobby area, ample parking, full camper hookups, a beautiful park and the Arkansas Entertainers Hall of Fame.
" We have decided on this acquisition to enhance our holdings in Arkansas as IBAC thru its subsidiary National Hospitality Management Services already holds a (5) year contract with (4) renewable (5) year options for the food beverage, concession & banquet services at the convention center and also manages the food, beverage and banquet operations of the hotel. I am very excited about this acquisition as it gives IBAC exclusive revenue from everyone eating, drinking and lodging in the entire convention center complex to IBAC," said Edward W Hayter President
The Royal Arkansas Hotel & Suites is jointly owned by Turner Hughes Corporation and International Hotel Management. Turner Hughes Corporation is a private Investment Banking Firm owned by Edward W Hayter President of IBAC Corporation.
The company also keeping with its aggressive plan for growth over the next three years is in the preliminary stages of negotiating an acquisition of a chain of restaurants in Arkansas that has revenues of 13.5M per year with an EBITA of approximately 1.4M.
Jan 27, 2005 IBAC Corporation (Pink Sheets:ICAN) has recently rejected an offer from a company to purchase The Sanibel Restaurant Group. The potential purchaser valued the offer at $8.45 million, but this valuation was never substantiated by any form of independent review.
The unsolicited oral offer consisted of $1,000,000 cash at closing and a share for share exchange or stock swap agreement with the IBAC shareholders for shares in an OTC Bulletin Board company.
The offer did not contain a bid price per share and was not a tender offer.
IBAC's board of directors believes that the value of its current holdings will increase substantially once the company executes certain contracts and takes possession of two additional restaurants. It is IBAC's opinion that the combined value of the three restaurants with the business of its subsidiary National Hospitality Management will be more beneficial to the company, future growth, and the overall well-being of its shareholders.
Jan 26, 2005 National Hospitality Management Services a subsidiary of IBAC Corporation (PINK SHEETS: ICAN) and the Pine Bluff Civic Auditorium Complex Commission ( www.pinebluffonline.com) will hold a joint press conference on Thursday, January 27, to announce the awarding of the Exclusive Food, Beverage, Banquet Catering and Concession Agreement for the entire complex to National Hospitality Management Services.
The term of the contract is for (5) years with (4) successive options to renew for a term of (5) years each. The commission also agreed that it will not permit the sale of food, beverage, banquet, catering and concession services at the Convention Center by any other person, firm corporation, or entity other than National Hospitality Management Services while the agreement is in effect. The commission also granted the company exclusive rights the Banquet Hall Kitchen and all equipment.
"We are extremely excited about the awarding of this contract to our company as it will increase revenues by 4-5 million dollars and increase our operations in Arkansas above our existing (2) restaurants (1) lounge and 10,000 sq ft of banquet space." Said Gary Becker President of National Hospitality Management Services.
Jan 21, 2005 IBAC Corporation's board of directors have rejected a revised bid, saying it believes the company is worth more than 8.45M.
In citing its rejection of the revised bid, IBAC Corporation (PINK SHEETS:ICAN) said the company is currently trading at the low end of its value, based on its assets, revenue and forecasted future earnings.
The board believes the company has a better plan for stockholders. The unsolicited offer does not begin to reflect the real value, including the value we will create through management's plan to become a fully reporting company and moving up to the OTCBB or a possible reverse merger or a share swap with a fully reporting company, this in combination with the company's current revenue and assets.
"We believe that the rejection of this unsolicited offer is in the best interest of the shareholders as we are pursuing other options to enhance shareholder value, the company is currently preparing audited financials and have instructed the company's attorneys to review two proposed offers of a merger or stock swap with fully reporting companies," said Edward W. Hayter CEO.
The revised bid also valued the company at a price below the rate currently being paid in other transactions in the restaurant/food & beverage industry, IBAC stated.
Jan 18, 2005 National Hospitality Management Services Co. a subsidiary of IBAC Corporation (Pink Sheets:ICAN) announced today that Mr. Barry M. Bennett has been named Executive Chef in charge to over see all banquet and food service operations.
Prior to joining National Hospitality Management Services, Mr. Bennett served as Senior Food Service Specialist for Centerpoint a leading food service management company specializing in the management of food and beverage services at larger facilities and convention centers.
Mr. Bennett has over twenty years of food service industry experience; his last assignment prior to joining National Hospitality Management Services was overseeing the opening of the new Corpus Christi, Texas Convention Center food and beverage operations. He has also overseen large operations in Florida and Texas, Mr. Bennett is a graduate of The Culinary Institute of America.
Jan 13, 2005 National Hospitality Management Services Co., Inc. a food service management/operator of restaurants, banquet facilities and food & beverage services co. a subsidiary of IBAC Corporation (ICAN.PK) today announced their updated first quarter of 2005 event calendar.
"We are very pleased with the contracted services/events so far for the first quarter", said Mr. Gary Becker President of National Hospitality Management Services Co. "We expect to be adding more events to this schedule within the next couple of weeks."
Arkansas Kennel Club, Dog and Kennel Show University of Arkansas Shrine Convention 4 Separate Quarter Horse Rodeos Future Business Leaders of America Arkansas Christian Athletics Assoc Jamboree Square Dancers Minority Initiative (UAPB) Black Pilots of America Department of Labor MPX
These contracted events represent revenue to the company in excess of $250,000.00 for the quarter.
The company today also announced that they have been awarded certain contracts for food & beverage services with a revenue value to the company of 4-5M dollars and will be announced upon executed contracts.
Jan 12, 2005 The Sanibel Restaurant Group, Inc., a subsidiary of IBAC Corporation (ICAN.PK), announced today that the Board of Directors has reviewed the offer for The Sanibel Restaurant Group, Inc. and has concluded it inadequate.
"This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company, the Board of Directors has reviewed the offer and have countered the terms". Said Karl Wenzel President of The Sanibel Restaurant Group.
The company countered the offer based upon the pre tax proceeds to the company. The offer valued at 6.45M would have resulted in a pre tax profit of only 1.25M to the company which is well below industry multiples.
Jan 11, 2005 The Sanibel Restaurant Group, Inc. a subsidiary of IBAC Corporation (ICAN.PK), announced today that they have reviewed the offer for The Sanibel Restaurant Group, Inc. "This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company, we have reviewed the offer and are negotiating the terms as the offer stands right now it has a net value to the shareholders of 0.03 per share" said Karl Wenzel, president of The Sanibel Restaurant Group, Inc.
Jan 10, 2005 The Sanibel Restaurant Group, Inc. a subsidiary of IBAC Corporation (PINK SHEETS:ICAN), announced today that it has received an unsolicited offer for The Sanibel Restaurant Group, Inc.
"This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company" said Karl Wenzel, president of The Sanibel Restaurant Group, Inc.
The company will review the offer and determine if it is in the best interest of the company and its shareholders, The Sanibel Restaurant Group, Inc. upon completion of its contracted obligations will have 135 employees and revenue of 7.5M per year.
Jan 4, 2005 The Sanibel Restaurant Group, a subsidiary of IBAC Corporation (ICAN.PK), announced today that it has completed the acquisition of phase one of the Sanibel Steakhouses contract as previously announced.
"This completed acquisition will add 2.5M in revenue annually to the company and 35 employees immediately, the company has taken possession of the Ft Meyers property as owner/operator effective today." said Karl Wenzel, president of The Sanibel Restaurant Group.
The second phase of the Sanibel Steakhouse acquisition is expected to be completed on or before April 1, 2005 and that will add another 3.5M in revenue and 40 employees with the third and final phase being completed on or before July 30, 2005 adding an additional 2.5M in revenue and 30 employees, total value of the completed acquisition to the company will be revenue of 8.5M per annum with 105 employees.
Through its operating companies, IBAC Corporation owns/operates and manages restaurants & food and beverage service contracts; the company intends to become a fully reporting company by the end of the second quarter of 2005 with a balance sheet directed towards the nasdaq small cap.
The company is currently negotiating other acquisitions and expect to have completed contracts very shortly. It is the intent of the company to increase its Sanibel brand throughout Florida.
Jan 3, 2005 IBAC Corporation (ICAN.PK) today announced that during a Special Meeting of the Board of Directors the Company approved retaining the services of Grubb & Ellis Company one of the nation's largest commercial real estate services firms. Through its offices and affiliates in approximately 90 markets, they provide a full range of real estate services.
"Our Company is very excited about retaining the services of Grubb & Ellis," said IBAC Corporation President & CEO Edward W. Hayter. "As this will help us accelerate our stated business plan and growth objectives. IBAC through its Sanibel Restaurant Group subsidiary intends to grow its brand by acquiring other comparable restaurants and or developing new locations."
Dec 22, 2004 IBAC Corporation (Pink Sheets:ICAN) previously announced 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 forward split of one percent (one share).
The share dividend is a forward split and will be effective on January 7, 2005. Stockholders of record will be entitled to an additional ten shares of common stock (free trading) for each one hundred shares of common stock held on that date; shareholders of restricted shares will not receive any additional shares. The proposed forward split is subject to regulatory approval.
Dec 21, 2004 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."
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.
Dec 20, 2004 IBAC Corporation (ICAN.PK) announced today 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 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."
Dec 14, 2004 IBAC Corporation (ICAN.PK) announced today the status and progress of the company's business and activities.
The record date for the forward stock split will be January 7, 2005. Stockholders will receive one additional share of common stock for each one hundred shares of common stock held on that date. The mail date for the additional shares will be February 1, 2005.
"This forward stock split 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 and enhance shareholder value."
The scheduled closing date for the first phase of The Sanibel Restaurant Group will be January 4, 2005 at that time the company will take possession of The Ft. Meyers, Florida property. This date was chosen for tax purposes by the sellers.
The company is also bidding on certain food service & concession contracts at various arenas and expects the results of these bids by January 15, 2005.
The company has revamped its web site to better reflect the companies business and to better provide information for its shareholders and customers and will be up and available for viewing by tomorrow 12/15/04.
December 8, 2004 IBAC Corporation (Pink Sheets:ICAN) announced yesterday that during a Special Meeting of the Board of Directors the Company approved a 1 for 100 forward stock split of the Company's common stock (announcement).
The forward stock split will be effective on or about January 7, 2005. (Clarification) Shareholders will get one share of common stock for each one hundred shares of common stock they own on that date. The proposed stock split is subject to regulatory approval. The company apologizes for any confusion that the announcement may have caused.
"This forward stock split 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 and enhance shareholder value."
The company has received hundreds of calls regarding several issues first and for most is the question of a reverse split the company has no plans of a reverse split, secondly the company has been asked about any involvement of a Mr. Chris Astrom and/or Mr. Richard Astrom neither men have any involvement in management or ownership of this company furthermore if anyone persists in implying this the company will pursue any and all legal remedies.
The company has also been asked are we going to do anything to get the company noticed to the investment community. The company elected to reward current shareholders with a bonus and also bring attention to the company with the same bonus for potential new investors, as the company refuses to employ any stock promoters etc. as this is not in the company's or shareholders best interest.
Dec 7, 2004 IBAC Corporation (ICAN.PK) announced today that during a Special Meeting of the Board of Directors the Company approved a 1 for 100 forward split of the Company's common stock.
The forward stock split will be effective on or about January 7, 2005. Stockholders will be entitled to one share of common stock for each one hundred shares of common stock held on that date. The proposed stock split is subject to regulatory approval
Dec 2, 2004 National Hospitality Management Services Co., Inc., a food service management/operator of restaurants and banquet facilities, a subsidiary of IBAC Corporation (ICAN.PK) today announced their first quarter of 2005 event calendar.
"We are very pleased with the bookings so far for the first quarter said Mr. Gary Becker," President & COO of National Hospitality Management Services Co. "We expect to add more events to this schedule within the next couple of weeks."
Prince Hall Grand Lodge Regional Convention (Masons) Arkansas Kennel Club, Dog and Kennel Show University of Arkansas Shrine Convention 4 Separate Quarter Horse Rodeos Future Business Leaders of America Arkansas Christian Athletics Assoc Jamboree Square Dancers Minority Initiative (UAPB) Black Pilots of America
The company today also announced that they have retained the services of Carkoff Interior Design of Memphis, Tennessee a very prominent design firm to advise on their facilities.
Nov 30, 2004 IBAC Corporation (ICAN) announced today that Mr. Gary D. Becker has been named President & Chief Operating Officer of its National Hospitality Management Services Co. subsidiary.
Prior to joining National Hospitality Management Services Co., Mr. Becker served as President of International Hotel Management Corporation of Canada a company with interests in the hospitality industry.
Mr. Becker has over twenty five years of industry experience, with service to Drake International & the award winning Royal Brock Hotel Spa & Sports Club. While receiving his Degree in Business Administration from Waterloo Lutheran University. (Honors Accounting and Economics) Mr. Becker has served as Director of several recognized organizations the Brockville Museum Board, Brockville Center for The Arts, Brockville Symphony, Brockville Chamber of Commerce, Halifax Board of Trade, Greater Boston Chamber of Commerce, and Brockville Historical Society.
Nov 29, 2004 IBAC Corporation (ICAN.PK) has completed the Acquisition of National Hospitality Management Services Co., Inc. a food service management/operator of restaurants, banquet facilities and a lounge. This follows the announcement on November 18, 2004 of the signing of agreements regarding the acquisition. IBAC Corporation will operate its majority ownership interest as a subsidiary. The acquisition has been funded with restricted securities and is expected to generate revenues immediately
Nov 18, 2004 IBAC Corporation (Pink Sheets:ICAN), a restaurant owner/operator and management company, today announced that it has signed the contracts (which are subject to due diligence) to acquire a majority interest in National Hospitality Management Services Co., Inc. as previously announced.
Nov 17, 2004 IBAC Corporation (ICAN) announced today that Mr. Karl Wenzel has been named President & Chief Operating Officer of The Sanibel Restaurant Group, Inc. Prior to joining The Sanibel Restaurant Group, Mr. Wenzel served as President of Caleric Corporation a private holding company with interests in the hospitality industry. Mr. Wenzel has over thirty years of industry experience, with service to the Marriott Corp & Royal-Caribbean Cruise Lines. While receiving his Master Chefs designation in 1971 from the famous Steigenberger Hotel & Management School. Mr. Wenzel was designated by The Chaine des Rotisseurs in Paris and is also a member of the Maitre de Cuisine of France, The Etol of Escoffier, and World Master Association in Singapore. He has also hosted television shows on PBS & The Family Channel and has authored three books published in five different languages.
Nov 16, 2004 IBAC Corporation (OTC.PK:ICAN), today announced that it has signed the contracts (which are subject to due diligence) to acquire a majority interest in National Hospitality Management Services Co., Inc. as previously announced. The acquisition consists of a management company that will operate two restaurants, lounge and over eight thousand square feet of banquet space within a major hotel. The Hotel is part of the Pine Bluff Convention Center complex in Pine Bluff, Arkansas the anticipated gross revenue to the company should be in excess of four million dollars a year.
Nov 8, 2004 IBAC Corporation (OTC:PK:ICAN) has entered into a definitive letter of intent whereby IBAC will acquire a majority control interest in National Hospitality Services Co., Inc.
Oct 25, 2004 IBAC Corporation (OTC.PK:ICAN), today announced that it has retained the services of Bagell, Josephs & Company as auditors & financial advisors. "We are pleased to engage the services of Bagell, Josephs & Company as auditors & financial advisors. As a well respected accounting & auditing firm we will rely on their expertise and experience for the current acquisition of The Sanibel Restaurant Group, Inc. and further acquisitions and/or mergers," said Edward W. Hayter, IBAC President & CEO."
Oct 20, 2004: ICAN - IBAC Corporation Has Executed Contracts to Acquire the Sanibel Restaurant Group, Inc. as Previously Announced by a Definitive Letter of Intent! The acquisition consists of three upscale steakhouses located in Ft. Meyers, Bonita Springs & Naples, Florida. The acquisition is a three phase contract with the first of the restaurants scheduled to close on or before December 31, 2004 upon completed acquisition of all three restaurants the anticipated gross revenue to the company should be in excess of eight million dollars a year.
Oct 19, 2004 IBAC Corporation (OTC.PK:ICAN), a restaurant owner/operator and management company, today announced that it has signed the contracts (which are subject to audit) to acquire a majority interest in The Sanibel Restaurant Group, Inc.
Oct 12, 2004 IBAC Corporation (OTC.PK: ICAN) announced today that it has signed an agreement with SmallCapVoice.com to assist in implementing a comprehensive investor relations program for the company. SmallCapVoice.com, Inc. Stuart T. Smith, 760-643-1946 760-643-1947 (fax)
Oct 6, 2004 IBAC Corporation (OTC:PK: ICAN) has entered into a definitive letter of intent whereby IBAC will acquire a majority control interest in The Sanibel Restaurant Group, Inc. The transaction, is subject to a definitive agreement and due diligence. Closing is expected December 2004. Edward W. Hayter president and CEO of IBAC Corporation said: "we are enthusiastic about this acquisition. It is the first phase of our business plan."
Oct 5, 2004 IBAC Corporation (Pink Sheets:ICAN) today announces that a new management team has been appointed with stock ownership in the corporation and will operate a group of premier dining establishments within IBAC Corporation. Edward W. Hayter is the new president and CEO of IBAC Corporation which trades under the symbol ICAN. Mr. Hayter said: "he is enthusiastic about the future of acquisitions & mergers into the company and enhancement of shareholder value".
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Hope it closes atleast at .0008. Either way, I'm going to hold on to this one for a long while. What exactly is happening w/ the stock going to the OTCBB?
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Well I'll say this! As to the OTCBB move Ed Hayter said "There would be little warning so as to give present shareholder the advangage of the move up!"
Chers Rick
-------------------- Nothing moves a sub like news!!!
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To move to the otcbb, the company has to be fully reporting. There are MANY investors and day-traders that won't touch a pink sheet stock.
Once ICAN moves to OTCBB, it will attract a new set of ivestors, thus rising demand for the stock and raise pps.
Also, once the company becomes fully reporting, we as shareholders and investors will be able to determine the current vaule of the company based upon shareholder value.
It's a good thing to move off pinks!!
-------------------- A day without dreams is just a nightmare!
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Just wanted to chime in and say I love this stock. I bought about 2mil before back when it was at .0002 and another 1mil at .0003. I don't really follow it everyday and this is my first time posting about it. The way I see it. It will hit .01 this year. In that, doing the math. I spent $1000 total. So if this baby hits a penny, and when it does, I'l be sitting on $30,000. Not bad if you ask me.
Most companies come out with crap PR's left and right, always staying away from the big move up to OTCBB land. That way they can lie and steal our hard earned money. But with ICAN it seems like they want nothing less than to see the PPS go up. When was the last time you saw a CEO come out and say he intended to buy up 40% of the float for personal use. He obviously knows the Co better than anyone else. Seems to me like a sure thing.
Besides, I only spent $1000. Not harm so far. Made a good profit. Could have sold. But like I said I see penny land down the way.
About the OTCBB. I believe it will be sometime in the 2 quarter he said. That's really not to far away. My guess is that we'll see .01 by then. Especially with all of the moves these guys are making. Well I'm done rambling. Good Luck to you all. Thanks to those who sold. I'll make sure to stock up on some more at your expense.
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The company is not moving to OTCBB it is spinning off part of the company to a shell that is a OTCBB. ICAN will remain a pinksheet. You will get shares in the OTCBB spinoff. In other words you will recieve dividends in a OTCBB company after the spinoff plus have your original shares of ican.pk. ICAN does not need to report anything. It will remain a pink. The spinoff is already reporting because it already is a OTCBB.
quote:Originally posted by justplayin: To move to the otcbb, the company has to be fully reporting. There are MANY investors and day-traders that won't touch a pink sheet stock.
Once ICAN moves to OTCBB, it will attract a new set of ivestors, thus rising demand for the stock and raise pps.
Also, once the company becomes fully reporting, we as shareholders and investors will be able to determine the current vaule of the company based upon shareholder value.
It's a good thing to move off pinks!!
-------------------- Learn the hard way with pennies
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quote:Originally posted by duediligence1: The company is not moving to OTCBB it is spinning off part of the company to a shell that is a OTCBB. ICAN will remain a pinksheet. You will get shares in the OTCBB spinoff. In other words you will recieve dividends in a OTCBB company after the spinoff plus have your original shares of ican.pk.
quote:Originally posted by justplayin: To move to the otcbb, the company has to be fully reporting. There are MANY investors and day-traders that won't touch a pink sheet stock.
Once ICAN moves to OTCBB, it will attract a new set of ivestors, thus rising demand for the stock and raise pps.
Also, once the company becomes fully reporting, we as shareholders and investors will be able to determine the current vaule of the company based upon shareholder value.
It's a good thing to move off pinks!!
The nice thing about it is that the new shares will NOT be restricted and also I like the fact that ICAN will still have assets associated with it. Sanibel will be the asset that gets spun off which makes sense because it probably has the largest upside and growth potential. I fully expect that he will keep the Pine Bluff Hotel and convention center on ICAN for quite a while till they get it where they want it. It almost seems like he is going to use ICAN as the starting place for assets that he wants to grow. Then when they reach a certain point, he will spin them off to their own stock. This way ICAN won't be dumped because if you want shares of the new stock when he spins off an asset you will have to own shares of ICAN because the dividend will be based on that. Pretty smart if you ask me.
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The "shell" is going to have assets that ICAN will be transfering. That makes them not a shell anymore. A portion of our investment will be fully reporting in a company that has assets and revenue.
That is good!
-------------------- A day without dreams is just a nightmare!
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quote:Originally posted by duediligence1: Wish I knew what the shell OTCCBB was. Would be real nice to buy shares in that shell right now. Real nice.
I doubt the shell is trading right now. You probably couldn't buy any shares. I am sure he has halting trading on it till the spinoff is complete. Nice idea though
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Yes, but it hasn't been transferred yet. Just wish I knew a little inside info here before it is too late. Once the transfer is announced it will be too late and the OTCBB will take off. Hey just dreaming a little, lol.
-------------------- Learn the hard way with pennies
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I am sure your right. But since it hasn't been announced, I thought it may. But it will be haulted once announced if they haven't already until the deal is final.
quote:Originally posted by Leardron:
quote:Originally posted by duediligence1: Wish I knew what the shell OTCCBB was. Would be real nice to buy shares in that shell right now. Real nice.
I doubt the shell is trading right now. You probably couldn't buy any shares. I am sure he has halting trading on it till the spinoff is complete. Nice idea though
-------------------- Learn the hard way with pennies
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Its like don't you wish you had been stuck in SPEA, forgot about in your portfolio and opened your account one day to notice you were rich, lol.
-------------------- Learn the hard way with pennies
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It would be nice to have a list of OTC shells that have a fairly low O/S. I think it would be much better to throw your pocket change in them with hopes they are bought out or merged. I think the odds are better then throwing money in these .0001 companies that are not moving and haven't moved in a while. We will make out fairly well here and hopefully better then that but the ones that are in the new shell already will make out the best.
-------------------- Learn the hard way with pennies
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Well just think about this. The shell company PGHI which was a otcbb after getting the assets on VeeGees and anouncing they were starting a online rental store went from a .0001 shell to a .01 company in a blink. Thats 10,000% and a couple months later over 10 cent 100,000%. So the dividends may be worth a lot more then the shares of ICAN will ever see. So holding is the best bet. Because you never know when the date of record will be for the dividends. Don't want to miss that.
-------------------- Invest with your brain not with your heart.
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To be honest, I hope not. That would mean the shell has a large O/S to start with which is never any good. I like a new company to have under 200 million just to give it a little wiggle room to dilute if needed and prefer under 100 million. But the ratio means little because the pps should be that much higher for the fewer shares.
-------------------- Invest with your brain not with your heart.
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Well, I ended up getting in at .0007 this afternoon. Still higher than I would've liked but at least I got in at a position I'm comfortable with. I'm looking to hold long so this should be exciting to watch.
An interesting question, though. If they do give dividends in the from of spin-off stock, what's the incentive not to sell off the ICAN stock immediatly? And when it does dip (it's seems logical that it will) how long should it take to rebound?
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