posted
IBAC Corporation Announces Offer to Acquire its Restaurant Operations
November 02, 2006 08:54:20 (ET)
NEW YORK, Nov 02, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets: IBCX) today announced that it has entered into negotiations to acquire its restaurant operations, the proposed acquisition if accepted, would be to another publicly traded company and include a share distribution (payout) to the IBAC shareholders.
The requested acquisition of IBAC assets are the Florida restaurants in Ft. Myers and Bonita Springs, the company even though they consider both these assets as major holdings has agreed to consider the sale if a positive profit is recognized by the company and its shareholders.
"As we continue to build our company, we will consider this offer as we are directing our efforts towards real estate owned properties such as the pending country club/golf course acquisition and our currently owned hotels. I have agreed to negotiate this potential acquisition only if it is beneficial to the shareholders and the company, meaning a profit could be realized, otherwise we will pass on the proposal. It is my intent as the President of this company to realize the best return on investment as possible," said Wayne Burmaster President IBAC Corporation.
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the 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.
posted
IBAC Corporation Removes Its President & General Manager of Its Royal Arkansas Hotel & Suites Subsidiary Wednesday November 8, 9:02 am ET And Has Named Lisa Jackson as the New Vice President of Operations & General Manager
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets: IBCX - News) announced today that Gerry Becker the company's President & General Manager of the Royal Arkansas Hotel & Suites, Inc. was relieved of his duties with the company in August for cause and actions detrimental to the company's well being. ADVERTISEMENT
The Royal Arkansas Hotel & Suites, Inc owns the 200 room property in Pine Bluff, Arkansas and The 128 room Memphis Airport/Graceland Hotel, IBAC Corporation is the majority owner of the company with a 51% interest (and is the sole provider of the funding/investments besides traditional mortgages) to the company.
IBAC Corporation has taken over full management responsibilities of the company and is handling all accounting from its New York offices at this time. Since the company has made this adjustment in management IBAC has spent some $600,000 plus on shoring up the required finances and needs of the business such as any additional renovations past due bills etc.
The company's counsel has also retained a special tax attorney and cpa to determine the financial condition of the company and a forensic accounting firm to look into any possible improprieties that may or may not have occurred.
The company is aware of certain outstanding tax issues that were not addressed by previous management and once any obligations are determined factual will be paid immediately.
Mr. Hayter the CEO of IBAC Corporation was in Arkansas last Thursday and Friday and met with community leaders such as the Chancellor of The University of Arkansas at Pine Bluff, The NAACP and several other prominent community leaders assuring us of their support and help for the Hotel.
Lisa Jackson the new V.P. of Operations and General Manager in just two short months has made tremendous inroads as to generating new revenue, additional room bookings and banquets, along with opening a new restaurant, significant renovations and other major changes advantageous to the property.
"We are reviewing all aspects of the properties operations, policies by the management by our minority partner and will take what ever legal action required to rectify any damage to the company and its shareholders that may have occurred," said Edward W. Hayter, CEO IBAC Corporation
This press release does not constitute an offer of any securities for sale. This press release contains certain 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
posted
Recent post on TripAdvisor regarding Royal Arkansas:
Y'all will not believe that this is the same hotel as a month ago. The Royal Arkansas Hotel & Suites has a new General Manager/ VP of Operations and she is fantastic. In just a few weeks this hotel went from being a flop house to being the new and upcoming place to be. They have a great lunch buffet and started a continental breakfast with your room but most of all the service was beyond belief. I travel a lot and I have been to all kinds of hotels across the country. These people really cared if I was happy and it seemed like they couldn't do enough for me. I finally asked the front desk clerk how it was that the staff was so dedicated and caring. She said "that is thanks to our general manager Lisa Jackson". Well, I never thought I would say this but, Y'all we have got the place and the service it is time to come back to PINE BLUFF
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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NEW YORK, Aug 07, 2006 (BUSINESS WIRE) -- IBAC Corporation (PINKSHEETS:IBCX) Chairman, Edward W Hayter, announced today that IBAC Corporation has agreed to sell all of its shares of The Royal Arkansas Hotel & Suites Inc. to its minority partner International Hotel Management for $2.5 million dollars.
Mr. Wayne Burmaster President of IBAC Corporation said, "We have confidence in the long-term goals for the business, we will use this windfall to the company's advantage either with a share buyback or investment in other assets.
Mr. Burmaster added, "The Royal Arkansas Hotel & Suites is an excellent company and we have enjoyed our relationship with it, the company paid 1.1 Million Dollars for its 51% interest in 2004 so the windfall (Profit) of 1.4 Million Dollars in less than two years represents an exceptional profit."
The transaction, which is subject the customary normal closing conditions, including attorney approval, is expected to close within the next 30 day's.
The company in attempts to fortify its balance sheets considers this move as a positive step, as now the company will own all its properties 100% with no partners, and will allow the company to grow accordingly.
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: www.ibaccorp.com.
posted
The TA is gagged again.Call 8012667151.Ed is dumping probably.We should not buy at this time.IMHO.
Posts: 107 | Registered: Sep 2005
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Ed lets rumors out, posts this bad news, gags the TA and then buys back several million shares, subsequently reduces the share count, ungags the TA, produces the certified audit, moves to the OTCBB.... and then announces that this golf course thing is moving and will be double value as they sell off houses along the fairway.
The nightmare:
Ed's doing exactly as it looks. Diluting the hell out of the stock...
I really don't get the pr saying they had no idea the hotel was in such bad shape, since they do own 51% of the business, why wouldn't he know????
Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
Read earlier posts about suspect P.R. I stated you can't believe anything they say. I am sure the deal fell through and they never informed share holders. I think this is starting to look fraudulent or they have a reason for the confusion.
Posts: 332 | Registered: Jun 2005
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posted
IBAC Corporation's Board of Directors Announces a 25% Stock Dividend Monday November 13, 8:57 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets:IBCX - News), a hospitality holding company, today announced that the Board of Directors has approved a 25% stock dividend to all common shareholders of record December 1, 2006, and payable December 15, 2006. The action was approved at a board meeting on November 10, 2006, with the effect of adding 25% more shares of IBCX. Edward W Hayter, Chairman & CEO, stated: "The dividend reflects the on-going success of the Company and rewards shareholders for their continued support. We are proud to present our shareholders with this third stock dividend by the Company in its brief two and a half year history." ADVERTISEMENT
The Company has previously announced the pending acquisition of a golf & country club property, this transaction is expected to be approved by the selling entity at a special Board of their Directors meeting on November 14, 2006, at that point and time all pertinent information regarding the property and transaction will be released.
The company had also previously announced a sale or transaction off of its restaurants in Florida, this proposed deal has not been completed at this time, if said deal is completed the shareholders would also receive an additional form of dividend when completed. This deal is under consideration as the Company is directing its efforts towards becoming a quality 100% real estate owned hospitality property Company.
In the past year the company has bought out its minority partner in the Sanibel Restaurant Group and has acquired The Sanibel Steak House in Bonita Springs both properties are now owned by IBAC Corporation 100%, The Company has removed its minority managing partner in the hotels and will attempt to gain the 100% ownership of those properties as well (IBAC Corporation is the majority partner (51%) in the hotels and the sole investor in them).
Wayne Burmaster, president and chief operating officer, stated that "the growth in all performance areas in 2006 was due to the continued success of our business development efforts in and around the marketplaces we serve. We are pleased with the continued, quality growth and increased earnings of the Company, and remain committed in our efforts to build a quality hospitality organization and increasing shareholder wealth."
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
We are proud to present our shareholders with this third stock dividend by the Company in its brief two and a half year history."
Notice how they forgot to mention the R/S they did! I wouldn't be suprised that we are due for another real soon either. I would think that after the new year we will have an R/S and more BS press release.Still not sure what to make of the hotel? either they sold it or they didn't?
Posts: 332 | Registered: Jun 2005
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posted
I am amazing myself. I seem to have this uncanny ability to pick crap stocks.
I've got very little left to lose in this so I'll keep it, but the last 2 years have been an incredible streak for me. It's kind of like being at the black jack table and consistently coming up with 23 every hand.
Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
don't let it get to you in due time you will recoup it. pennies are a tough play to be had to begin with.I am just wondering how much lower this is going to go and you would think that ibcx would be doing a buy back at these prices which leads me to believe that they were full of crap to begin with.Notice how we never heard of how many they did suppose to buy back earlier this year! All we heard was buy back and nothing more after that and now shares plunge on news that a forward split will take effect supposedly. Im still waiting for a r/s after the new year. If you look back we got shares as a reward then got a r/s last time out.
Posts: 332 | Registered: Jun 2005
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IBCX (.0028) Has Executed Contracts to Acquire a Country Club & Golf Course and Now is Pending Boards Approval
Business Wire "US Press Releases "
NEW YORK--(BUSINESS WIRE)--
IBAC Corporation (Pinksheets: IBCX) announced today that it has already (as previously announced) executed its side of the contracts to acquire the previously announced acquisition of a private country club and golf course. The company now awaits approval/acceptance of the Board of Directors of the country club & golf course.
The country clubs Board has met with IBAC representatives for its second round of negotiations, and has informed the company that a definitive decision will be made by December 1, 2006 or before.
The property's country club & golf course a 72 par/6,908 yards was commissioned by International Paper and designed by the world renowned golf course designer Alfred H. Tull and includes tennis courts, pool, banquet space, restaurant, bar, pro shop with a resident pro. The property encompasses approximately 200 prime acres.
The company 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 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 prospect of this acquisition as it opens a whole new stream of revenue and adds a 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 nor intends to compromise the integrity of this world class property, it is only our intent to restore and enhance its position in history. We are eagerly optimistic that the Board will accept our offer so that we may move forward with the improvements and amenities that a property of this magnitude deserves," said Wayne Burmaster, President IBAC Corporation.
This press release does not constitute an offer of any securities for sale. This press release contains certain 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
posted
it may have went up today but dont hole your breathe as its way down from what it was several weeks ago. If you read the PR this is not a top rated faciltyand needs to be reworked in order for it to be successful.
Quote:The company will never nor intends to compromise the integrity of this world class property, it is only our intent to restore and enhance its position in history. We are eagerly optimistic that the Board will accept our offer so that we may move forward with the improvements and amenities that a property of this magnitude deserves," said Wayne Burmaster, President IBAC Corporation.
Keywords are retore and inhance property which means its been faltering and why they want to keep the same board on that allowed it to falter is beyond me.To take it a step further I don't believe ibcx has what it takes to turn anything around. They can't even produce an audit so why have faith that they can turn anything around other then the stock price which will go lower.
If you have read some of my posts on this stock I think I was pretty much on the money with the comments posted.
Posts: 332 | Registered: Jun 2005
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posted
Another bs press release today. Now that hey have the final draft of the audit thats being reviewed I guess we wait another year for them to review and release it
Posts: 332 | Registered: Jun 2005
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posted
IBAC Corporation Updates Status of Audited Financials Tuesday November 21, 10:04 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets:IBCX - News) announced today that it has a final draft of its audited financial statements and after review will release them to the public. ADVERTISEMENT
"The company and the shareholders have waited a long time for this moment and we are now very excited that now we will be able to become a fully reporting company and file to move up to the OTCBB." Said Wayne Burmaster President
This press release does not constitute an offer of any securities for sale. This press release contains certain 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
posted
Talk about ending PR "Quiet time"...They are rolling out the PRs now....
IBAC Corporations Board Approves Reduction in Its Authorized Shares by 150 Million Wednesday November 22, 8:56 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets:IBCX - News) announced today that its Board of Directors has approved an immediate reduction of its Authorized shares from 500 Million to 350 Million.
The company had previously increased its authorized shares to 500 Million in anticipation of certain pending acquisitions that may have required issuance of stock, after the negotiations of these acquisitions the stock will not be required as the acquisitions will be funded from cash flow.
The reduction in authorized shares is in line and includes considerations of the 25% stock dividend, payable to shareholders of record on December 1, 2006, the share dividend will be paid with non restricted (free trading) stock.
This press release does not constitute an offer of any securities for sale. This press release contains certain 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
posted
This last release is huge. Funding the acquisitions with cashflow and NOT share issuance. I can't wait for the audited financials and a move to the OTCBB. We could be looking at a .03+ move.
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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posted
This could be my day to get out of this thing and wish lying Ed a nice goodbye..
Posts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
This is not huge sorry to say. This stock is being manipulated. Again read my posts. They gave out a dividend then did a reverse split then said they would reduce shares through a buy back but then distributed more shares anyway back to 500 million and now another split comming and claim to reduce the shares again. The only shares going to be reduced are the ones you hold after a r/s. watch and learn how you will be screwed.The back to back PR's is commoon for this stock and this stock will tank big timne gain after the splits. I agree with norma that if you can recoup I'd drop out if you can't handle the ride. The issue of the audit in it's final draft is BS plain and simple. it took over a year to have an audit and probably just as long to review it and even longer to go to otcb.
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posted
this will tank again very quickly and I wouldn't be suprised that by days end we see this back to lkast weeks digits.
Posts: 332 | Registered: Jun 2005
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posted
amanick: I'm not saying buy and hold for 3 years. The stock is moving, penny break is here, going to move up more before Dec 1st.
Tough wall at .01, look for eod push to break it imo.
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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posted
I under stand what you are saying and probably understand this stock more then most of you. There are several of us who been in this for the long haul and know how this company thinks. The push is the stock being manipulatedand nothing more. As I said by the end of the day it would start to tank and I think thats just what happened.(.0085 ) end of push.
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I guess people love golf....UP 114% today.![[Wink]](wink.gif)
Talk about ending PR "Quiet time"...They are rolling out the PRs now....![[Smile]](smile.gif)
