posted
There are much better picks out there B. I am just about to double on MLXO. Omog, PMED and RSHN also look good.
If MLXO runs next week like I think, I'm taking my loss in this poor excuse for a stock and I'll never look back. (But I will send a wonderful email to Ed showing him my profit in a real company so he can see what that looks like)
-------------------- If you made money, it was a good trade Posts: 453 | From: Cleveland, Ohio | Registered: Apr 2005
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IBAC Corporation Reports Completed Stock Dividend Payout & Current Common Share Structure Monday April 10, 7:59 am ET
NEW YORK--(BUSINESS WIRE)--April 10, 2006--IBAC Corporation (Pink Sheets:IBCX - News) today announced that it has completed the payout of the 15% share dividend per the stated pay date of March 31, 2006. The company has also completed the filings with the state of Delaware reducing the company's authorized common shares to 200 Million. ADVERTISEMENT
After said actions the company's common share structure is authorized 200 Million and the Issued/Outstanding are 188,937,483 million after all payments of dividends were completed, the outstanding share figures were provided by the company's transfer agent after all payments were made and were not the cause of any dilution/selling of shares. The company has not or will not engage in any regdex/504 filings and will not be increasing the authorized common shares.
The company's near term plans going forward include the completion of the recently agreed acquisition of Sanibel Steakhouse in Bonita Springs, Florida by May 1, 2006, completion of audits and filing to move to the OTCBB.
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.
Contact: IBAC Corporation Investor Relations, 718-891-8188 Fax: 775-320-5437 Investorrelations*ibaccorp.com www.ibaccorp.comPosts: 1295 | From: New Jersey | Registered: Dec 2004
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posted
Sure it does. It tells us that nothing came about the 8 property acquisition, the Gibraltar Commercial Finance Corporation and the Texas property acquisition.
Whew! At least they don't have to bother working on these projects. Now they can focus on putting together Press Releases for potential acquisitions. They're really good at that.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
If they go through with the expansion and to otb I would think that the first thing they would want to do is to retire shares and reduce the os.They have nothing to gain by not reducing the shares as with that many shares out they wont get any institutional investors which they would need to keep this stock alive.I would think that at best they would have to reduce to 100 million at best.Right now I feel 99% sure that a r/s will happen and very soon. If it doesnt happen in the next 3 months I see a decline happening.As an investor I am watching the price of this stock and trying to determine how many more shares i want to get into or just hold what I got since Im still doing good with it.I can probably withstand one more r/s and see what happens and then after that I could care less im out if it doesnt pop if this stock went to 20.00 a share I will curse it for the rest of my life and its owner. I bought a voodoo doll just in case.
Posts: 332 | Registered: Jun 2005
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posted
This is worse than before the R/S. If we have another R/S we will end up with fewer shares at a lower price. The price hasn't gone up with the R/S, they rarely do in the pennies. This is a POS!
Posts: 806 | From: CT | Registered: Dec 2005
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The Sanibel Property was unable to pay all employees last week. The Tip Checks that were issued bounced due to insufficent funds. It is unclear at this point whether checks to vendors also were returned.
January thru May are the busiest season for restaurants in Fort Myers FL. Normally the profit made during this season are used to survive the following slow season.
The President Wayne Burmaster posted that January & February Revenue were below last year same time. March's revenue was not reported as an individual location but rather included in the sum of several properties so no direct conclusion can be drawn from the March PR.
As of today, the restaurant - a supposed fine dining establishment - has not made restitution to the staff.
If the restaurant can not make payroll during what is normally the most profitable time of the year, who will pay for the losses?
I do not believe Ed, Wayne or the Astrom are going to pay for the losses out of thier pockets.
The restaurant made about 200k - 250k profit a year prior to IBAC taking control. Ed blames the last president for losses early last year but Karl was removed in September. Who is to blame for the losses since then?
It should be noted that revenue was much higher last year same time.
If Ed can't make profit during the busy season - what will happen the during slow season. Ed Hayter has turned a profit maker into a money loser.
Posts: 806 | From: CT | Registered: Dec 2005
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posted
Thought they are acquiring the restaurant in May, 2006...Is Ed now in control, before he acquires it....wow...
Posts: 216 | From: Florida | Registered: Feb 2005
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Casviper, Where did you get this information? I'm not defending the company nor damning them, but where did you learn that they bounced checks? All the rest of your info I realize is your surmize of activities.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
POS!! That's all I can say. All promises and no delivery. I say. Sell everything, play the debts and split whats left with the shareholders. Its bound to be more than what the stock is worth. (Just me being mad, very mad) I've held on to this toooooo long!
Posts: 806 | From: CT | Registered: Dec 2005
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quote:Originally posted by casviper: POS!! That's all I can say. All promises and no delivery. I say. Sell everything, play the debts and split whats left with the shareholders. Its bound to be more than what the stock is worth. (Just me being mad, very mad) I've held on to this toooooo long!
yeap, this was the second stock I bought last year broke all the rules on this one, chased it down, bought too many shares, etc, etc. Ohwell, live and learn - At least I'm up on PBLS and NDOL!
Posts: 145 | Registered: Oct 2003
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posted
Well, it looks like I've got company. Unreal, I did the same. Set my rules and broke just about every one of them, except that they actually have a product/service that I can verify. That's what I get for reading PR's for pinkies.
I didn't get anywhere with a phone call, so sent an e-mail. I've been hot and cold with them returning e-mail. Hopefully, I'll get a response and will post it if I do.
I'm not selling right now. I don't expect much but applying to the OTCBB (months late) should be within the next few months. I can't imagine an internal audit would take too long to complete. If/when they apply we should get a bump. Hopefully this won't be too late.
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
I've held this stock over a year, fell into the dividend trap and can't find a good time to get rid of it. Thought I would hold until the Sanibel steak house is onboard and see if that spurs the price. I'm sitting on UNQT also, can't get rid of it. I have 1,400K in IBCX and am stubborn enough to hold on for the big $$ LOL I'm with in a day trip distance to the restaurant so I will try it out after May 1...At this point I have to be in Ed's corner....Yeaaa Ed...
Posts: 216 | From: Florida | Registered: Feb 2005
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posted
It's not dead mv just dazed. There have been too many fruitless PR's for acquisitions and share reductions.
May 1 is coming which is the scheduled acquisition date. Only thing that gets me is that they claim 250K-300K in monthly revenue, which is 3M to 3.6M/year.
Anyone else see anything fishy with this? The company buys the place for 900K and expects it to bring in 3M first year? Why would the current owners sell so cheaply???
-------------------- It's choice - not chance - that determines your destiny. Posts: 350 | From: Portland, Oregon | Registered: Jan 2005
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posted
This is the only thread I counld find today so if this is the wrong one let me know. WHAT THE HELL just happen to this stock? Mine is doing wierd thing. I have a ton more shares today. Then the price dropped to .007 on my screen. I am confused. Did I miss news?
-------------------- Lookin for the money Posts: 353 | From: CA | Registered: Apr 2005
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posted
BONITA SPRINGS, Fla.--(BUSINESS WIRE)--May 2, 2006--IBAC Corporation (PINK SHEETS: IBCX - News) announced today that they have formally taken over management/operations of the Bonita Springs Sanibel Steakhouse as of Monday May 1, 2006. The Bonita Springs Restaurant Group, Inc., a Florida Corporation, will own and operate the property as a wholly owned (100%) subsidiary of IBAC Corporation, the final closing documentation and all related licensing requirements will be completed before the end of the week. The company anticipates additional revenues to the company from this property to be between $2,500,000 to $3,000,000 per year to the company as the property is located on US 41 adjacent to a major mall now under construction with several other major developments under way within the immediate area. This is the second property from the Sanibel Steakhouse operation the company has acquired; last year (January) the company acquired the Ft Myers, Florida Sanibel Steakhouse location. "We are thrilled with this acquisition and the potential considering the explosive growth of Bonita Springs and the immediate Area and look forward to a presence and increased involvement within the community. The company continues to aggressively pursue additional restaurants and hotels within the Florida market," stated Wayne Burmaster, President IBAC Corporation.
Posts: 48 | From: Texas | Registered: Jul 2005
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posted
This news doesn't impress me at all. In fact I still stand by my statements of a r/s happening.While it is common sense for them to continue on with sanibel the numbers are suspect to me.
Given the fact that no real numbers on thier books are available and they are still doing an audit before otcb leads me to believe they needed press to hang on.
The audit has been taking forever and this leads me to believe that there is more then meets the eye with this company. Having said that I am still long on this good or bad but don't see much happening anytime soon.
my suggestion would be to dump the stock if you cant afford to hold or lose.
Posts: 332 | Registered: Jun 2005
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posted
IBAC Corporation Reports April Revenues Thursday May 4, 8:58 am ET
NEW YORK--(BUSINESS WIRE)--May 4, 2006--IBAC Corporation (Pink Sheets:IBCX - News) today announced revenues for the month of April 2006 of $479,223.59. These revenue figures are compiled from internal company accounting/bookkeeping and are subject to audit/verification by the company's independent accountants/auditors. ADVERTISEMENT
For the month, the company realized an increase of 28% in revenues over last year for the same period. (The Company did not own the Memphis Days Hotel last year at this time, revenues were based upon previous ownership records.)
The increase in revenues were attributable to a 33% increase in banquet sales at the company's Sanibel - Palms Steakhouse unit and increased room sales at it's Royal Arkansas Hotel unit.
For the first quarter of 2006 the company had revenues of $1,005,189.66 and was in line with projections. The company anticipates continued revenue growth through out and an increase over last year for the second quarter of this year from existing operations, with an additional $200,000.00 to $250,000.00 per month in revenues from the recently acquired Bonita Springs, Florida Sanibel Steakhouse.
The company is generating an approximate profit of 10% -12% on revenues and will be reflected within the release of the company's final audited financial statements, and are subject to final verification by the independent accountants/auditors.
The company is in various stages of negotiations on additional acquisitions to increase revenues further by the middle of the third quarter of this year, information regarding these acquisitions will be announced as they become available.
"We are very pleased with the continued/exceptional growth of Revenues Company wide and look forward to continued growth over the next three quarters; I have set the bar at 10 to 12 million dollars in revenue for this year company wide and fully intend to reach that goal, we are aggressively pursuing additional acquisitions to add revenue while streamlining existing operations and demanding increased volume discounts from our vendors and suppliers company wide as we add new locations, the company is also in the process of interviewing for a purchasing agent to handle all product purchases company wide as to gain greater discounts," said Wayne Burmaster, President 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
Seems like the same press release but nothing substantial. Notice how they keep mentioning audits and additional purchases? this has been the norm for this company to release but yet there is nothing to make this go anywhere till the audit is done and verified.
If they are serious they would retire more shares and get right to taking care of business. I am still going to buy in at dips because I believe in the end I will either break even or leave.
I think at some point we all need to send a strong message to this company by dumping our shares once we break even but do it all at the same time.
Posts: 332 | Registered: Jun 2005
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posted
11% profit is not bad.If they can prove it by showing us the audit,the pps will certainly go through the roof.Until then,your guess is as good as mine.
Posts: 107 | Registered: Sep 2005
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posted
PR's always get other peoples interest. Problem is that it will drop back again. There are way to many shares out to make much of a difference. The only thing to do with this stock is to accumulate at lows and hold if you can afford it. As in my earlier posts I mentioned that for this to get any serious play we would have to eliminate about 100m shares if not more.There are 2 ways to get it either through a buy back or r/s. While its always good to see a positive PR the issue is can we trust it? I suspect not.If these folks are serious about doing the right thing they need to release a VERIFIED AUDIT and use the recent profits to do a major buy back.
Posts: 332 | Registered: Jun 2005
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