posted
Hey there Nomar, Yeah I've been watching everso closely to the site. This is the most they've done in months. you notice the stock quote has changed as well.
I'm anxious to see what the new COO's background is.
In keeping with good sportsmanship, I e-mailed them and expressed my grattitude for their newly found energy with the company. Most oftem people only complain and I hate for them to see only attitude.
Here's one thing that has been on the top of my mind lately.... They PR'd in January or December that they will be applying to a new board (otcbb) by the end of the first quarter and we are only two days away and haven't heard anything. Will they make good? I'm hopeful but it's not looking good.
-------------------- It's choice - not chance - that determines your destiny.
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posted
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IBCX -- IBAC Corp. Com ($0.001)(New)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
IBAC Corporation Forms Bonita Springs Restaurant Group, Inc. as a 100% Wholly Owned Subsidiary for the Acquisition of The Sanibel Steakhouse in Bonita Springs, Florida
NEW YORK, Mar 30, 2006 (BUSINESS WIRE) -- IBAC Corporation (PK:IBCX) announced today that they have formed The Bonita Springs Restaurant Group, Inc., a Florida Corporation, as a wholly owned (100%) subsidiary of IBAC for its recently agreed upon acquisition of The Sanibel Steakhouse in Bonita Springs, Florida. The company and its advisors are considering a reformatting of the restaurants concept/menu that would be more contusive to the area of which would generate greater revenues, the concept under consideration is a international cuisine theme specializing in such fair as poached Chilean sea bass, porterhouse Florentine, kobe beef, tuna sashimi, spaghettini puttanesca and other high end cuisine.
The company believes that with the addition of menu selections that this location can generate upwards of three million dollars a year and will create a new sense of excitement and increased traffic for the establishment.
"We are thrilled with this acquisition and the potential considering the explosive growth of the Bonita Springs Area and will complete all contracts, lease's and due diligence involved within the next two weeks of the restaurant's inventory, assets and financial statements as the company is eager to take possession of the property as soon as possible. The company is also aggressively pursuing additional restaurants and hotels in the Florida market," stated Wayne Burmaster, President & COO.
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.
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.
KEYWORD: United States North America Florida New York INDUSTRY KEYWORD: Travel Destinations Lodging Retail Food/Beverage Restaurant Other Retail SUBJECT CODE: Merger/Acquisition
Search for Dun & Bradstreet reports on this company.
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posted
I have mine . I had 62,500 shares ..Now I have over 71,000 shares . Showed up in my account after market closed . Now I'm just waiting on my PAIM & SSTY shares . Any other stocks we can buy at a low price they will be paying dividends ?
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-------------------- 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
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posted
Well, there they are. Brought my break even price down a bit, yeah, but I still wish they would have just reduced the O/S by that percentage amount.
On another note, the company had PR'd that they would be applying for OTCBB by end of first qtr. Any thoughts on contigent plans???
-------------------- It's choice - not chance - that determines your destiny.
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posted
NEWS AND PRESS RELEASES FROM OTHER SOURCES:
IBAC Corporation Reports March Revenues
NEW YORK, Apr 04, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX) today announced revenues for the month of March 2006 for The Sanibel Restaurant Group, Memphis Days Inn Hotel and The Royal Arkansas Hotel & Suites of $419,499.31 combined. 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, company wide revenues for The Sanibel Restaurant Group, The Royal Arkansas Hotel & Suites and The Memphis Days Hotel had increased revenues over last year for the same period. (The Company did not own the Memphis Days Hotel last year at this time, revenues was based upon previous ownership records.)
For the first quarter of 2006 revenues of $1,005,189.66 were in line with the company's internal projections and ahead of last years revenues for the same period. The company is projecting continued revenue growth and increase over last year for the second quarter of this year from existing operations and an additional $200,000.00 to $250,000.00 per month from it recently acquired Bonita Springs, Florida Sanibel Steakhouse with its new format (closing/possession scheduled for May 1, 2006).
"We are very pleased with the continued growth of Revenues Company wide and look forward to continued growth over the next three quarters; we will aggressively continue to pursue additional acquisitions to add revenue while streamlining existing operations," said Wayne Burmaster President & COO IBAC Corporation
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
I'm a little surprised at the expected revenues of 200K-250K this new restruant will be bringing in. This essentially moves the company from a 3.9M in revenue to 6.3M dollar company. This is huge for this size of company. If this is the case then the s/p should be in the .03 range.
-------------------- It's choice - not chance - that determines your destiny.
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posted
It's all fuzzy math until they disclose what the debt service is!!!!! and even then it will be fuzzy with all these subsidiaries and different entities. Money gets shifted around where it is needed, blah blah blah . . . I'm hoping and praying, just not holding my breathe.
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NEW YORK, Apr 05, 2006 (BUSINESS WIRE) -- IBAC Corporation (PINK SHEETS:IBCX) today announced that they have created a special section on its company website www.ibaccorp.com to keep shareholders updated regarding the progress/status of the company's audited financial statements on a regular basis through completion. The company has taken this action to eliminate any questions or concerns regarding the ongoing process of obtaining audited financial statements and to create as much transparency as possible regarding the company's actions and direction, over the next several weeks many changes will be made regarding the company website and its subsidiaries website's so that the company can better communicate with the shareholders and public regarding its business activities, achievements and status going forward. Once the company has two years of audited financial statements completed it will file the necessary paperwork with the SEC for advancement to the OTCBB.
"We will aggressively continue to work with and provide any and all required documentation or information as requested by the company auditors to complete the task of audited financial statements, per the CEO Mr. Edward W Hayter, 'Wayne get this job completed as soon as possible so that we may apply to the OTCBB as soon as possible,'" said Wayne Burmaster, President & COO IBAC Corporation.
Mr. Burmaster also stated that, "revenues are increasing every month company wide and we expect to have a record year, the company continues to renovate and upgrade its existing properties while adding new acquisitions such as the recently acquired Bonita Springs Sanibel Steakhouse. We have several other acquisitions in several stages of negotiations with the expectations of additional deals being completed in the very near future."
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
Sell off was expected. Read my previous posts. Alot had to do with the free shares people got in for and then dumped the rest.I dont mind the drop as I will still buy more as it drops. Even with the r/s im ahead due to the free shares I have recieved both times. The next best thing for this company to do is buy back and retire more of the shares they have to avoid having to do a r/s which I still believe will happen either before the new board or right after. from the pattern of most stocks that have switched its usualy before. The up side is that once they switch to the new board we should see an increase and if they continue with the dividends all can work out fine. As in my other posts I have said this is not a stock that you buy to make a quick gain this is a long term stock that needs patience and nurtreing. If they have a positive business planand dont go over board on a spending spree im sure in the next 3 years we will all have gotten a good profit.
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posted
The pps continues to fall. This is why I never support a reverse split. You never win. You end up with less shares and the stock continues to fall after the split. I see no reason for this stock to go up. Sorry to be negative, however I'm a realist. This company gives too many stories, they should write books instead of being in the hotel/restaurant business.
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posted
Don't know what to say other than, Ed has been more responsive than he was 6 months ago. Wish the'd PR that the company completed the buyback that they PR'd a while ago and further reduced the share count.
At least it's Friday. That's the good news.
-------------- Forwarded Message: -------------- From: Edward W Hayter <ehayter*ibaccorp.com> To: mikensayxxxxxxxx Subject: RE: clarification Date: Fri, 7 Apr 2006 17:17:15 +0000
There is no dilution going on and the share count on the company website is accurate.
That number also includes the 15% dividend just paid
From: mikensayxxxxxxxxxxxxxxxx[mailto:mikensayxxxxxxxxxxxx] Sent: Friday, April 07, 2006 1:00 PM To: Edward W Hayter Subject: RE: clarification
So the Oustanding shares went up to 188M. What gives?
I've applauded your last few weeks activity thinking that you were turning things around, and hopefully you are. However, I must say this last action and looking at the pps now does not make me very confident in your ability to be transparent. It looks like first stages of dilution to me. You owe the stockholders an explanation for the increase in outstanding shares given your last few PR's regarding the AS and OS.
-------------------- It's choice - not chance - that determines your destiny.
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posted
They have been PRing this audit for over a year and it has not even started yet! Check out the website, the april 2006 letter says they just started to commence preliminary planning on it and it will be a few weeks before any field work gets started.
I feel like the jacka$$ with a carrot dangling in front of me every time they release a PR about the audit.
When this hits .0001 again I may average down.
-------------------- If you made money, it was a good trade
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posted
I'm done with this stock. Selling on Monday before I lose all my investment. Ed Hayter has proven time and time again he is untrustworthy!!!
He's been lying about the audit, doing a R/S, moving to the otcbb actual share count, claimed M/M naked shorted the company and this all before the R/S. (That he swore would never happen) He still lying after the R/S.
Cutting my losses, try to make it up on another stock.
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