Depending on the audit of course this thing could start a drive towards a nickle.
Here's my view. Why would they even try for an audit if they didn't think there was a good shot to be able to get on the OTCBB??? So, with that thought this is a good thing and we will be rewarded with additional investor interest as we cross that bridge.
However, I'm frustrated with them and their lack of honesty and follow through on their PR's. I know they disclaim any need to address changes in their PR's, but in my mind this is a first step to transparancy.
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posted
IBAC Corporation Completes Buyout of Minority Partner in The Sanibel Restaurant Group, Inc. and Other Pertinent Corporate Information Thursday June 22, 12:59 pm ET
NEW YORK--(BUSINESS WIRE)--June 22, 2006--IBAC Corporation (PINK SHEETS: IBCX - News) today announced the completion of the buyout of its minority partner of the Sanibel Restaurant Group, Inc. and other significant corporate information. ADVERTISEMENT
The company has completed the acquisition of the 49% minority interest in the Sanibel Restaurant Group, Inc that it did not own, and it is now negotiating to acquire the 49% of the hotel in Memphis that it does not own, the company expects that deal to be completed shortly.
That will leave the company with 100% ownership of The Sanibel Restaurant Group and the Bonita Springs Restaurant Group and the Memphis Hotel, only leaving a minority partner in the Arkansas property.
The company reports revenues of $644,130.32 for the month of May, and anticipates increased revenues for June.
The Company is in the final stages of adding 10 million dollars (a acquisition) per year of revenue to its balance sheet with the acquisition soon to be closed.
The Company has not yet received completed audits as promised from its auditors, the Company is stuck between a rock and a hard stone as if they fire the current auditors for lack of performance, they will have to start from scratch and that would be far worst than where they are now, so management is resigned to ride out its current auditors and pound them for results opposed to a change and starting over.
"The Company is alive and well and we intend to fulfill our dreams and aspirations regardless of what it takes, the company has real assets, real employees (over 150) and real revenues and we regardless of any obstacle expect to be trading at least on the otcbb, we are discouraged that we don't have our audited financial statements yet, but we will prevail onwards and upwards." 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
The Company has not yet received completed audits as promised from its auditors, the Company is stuck between a rock and a hard stone as if they fire the current auditors for lack of performance, they will have to start from scratch and that would be far worst than where they are now, so management is resigned to ride out its current auditors and pound them for results opposed to a change and starting over.
Horrible English - Wayne better learn to write a little better.
The Company is in the final stages of adding 10 million dollars (a acquisition) per year of revenue to its balance sheet with the acquisition soon to be closed.
-------------------- It's choice - not chance - that determines your destiny.
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posted
i never knew that they didnt own the whole memphis property. these things were never discussed in any of the PRs discussing the purchase. more shady moves from our friends at IBAC.
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posted
At least we know Ibac is still alive.They seems to have problem with the audit.I don't believe they lie to us.They must complete the audit for the stock to move up.Until then,we are in the wait mode and not much will happen.
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posted
Where did you hear the audit will be out tomorrow?
It all depends upon what the audit reveals. I'm not expecting much. We just found out that the company doesn't own 100% of the properties they purchased. This whole time they neglected to mention that when the purchased these properties, they only picked up 51%. Oops, sorry shareholders, we didn't know you were interested in this little detail.
If the audit is good, I'd be surprised if we got to a penny.
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posted
They did let us know about ownership in their pr's.As for audit,it may boost the pps substantially if the company really makes 10% profit as they claimed.For now,we wait.
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posted
You're kidding, right. I mean where else can go and get a ride that is in a continous dive for so long?
However I still think/wish they have a good shot if they would just perform a bit more openly. Here's my wish, again:
1) Get back to reporting monthly numbers earlier in the month, consistently 2) Update the website. Specifically the management page (how long will Wayne's profile be listed as 'being updated'?) Update the progress and have some sort of communication from ED on his spot. (I have to admit though the fact that he added this to the site and rarely adds info to it is classic for a CEO that is in growth phase. Produce so many thoughts and never really get around to keeping them consistent. I know I'd fall into that same trap. A.D.D. at it's finest.
3)How about the audit progress. If they're so irritated, they should have the pressure on the auditors and should also be inclined to update the progress on the website. If nothing else but to say, 'It's still not complete but we're getting closer' This would let us know that in fact they are on top of it.
4) Continue to buy back shares. To me this is a no brainer at this price level. They could easily buy back a couple million shares each month and retire them. I know, why take on more risk.
-------------------- It's choice - not chance - that determines your destiny.
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posted
Think Wayne will actually answer our emails? Again this PR is horribly written with lots of grammatical errors.
IBAC Corporation Reports June Revenues and Responds to Shareholder Inquiries Tuesday July 25, 9:01 am ET
NEW YORK--(BUSINESS WIRE)--July 25, 2006--IBAC Corporation (PINK SHEETS: IBCX - News) today reported revenues for the month of June of $702,246.87 these revenue figures are based upon internal records and have not been verified by the company's independent accountants and auditors. ADVERTISEMENT
The company has had several inquiries regarding the current share structure of the company; it has not changed and is as stated on the company website www.ibaccorp.com under corporate info. The company has not filed for any new 504/Reg D to increase the share structure or to sell any new shares into the market; this also can be verified at www.sec.gov.
The company has still not completed its Financial Statements due to a combination of reasons, we are working with our current auditors to get them done, we have set a definitive dead line and if they are not completed we have a back up plan that we will implement by the end of the month.
The company continues to look at additional acquisitions and additional ways to increase revenues as we have not lost sight of our plans of becoming a fully reporting company with significant revenues and assets.
All of the stated assets of the company are real with title being held in the company's subsidiaries names and are all a matter of public record within the States we operate Arkansas, Tennessee and Florida, The Company provides employment for over 150 people that work at our properties, work with pride and management appreciates their loyalty and hard work.
Over the past month or so the company has made extensive improvements to its Memphis Hotel property thus increasing its value to approximately 4.8 to 5.2 Million Dollars a significant gain in equity considering we purchased the property for 1.9 Million about a year ago. We are also spending monies for improvements at our other locations thus enhancing there equity also.
"The Company is alive and well and we intend to fulfill our dreams and aspirations regardless of what it takes, the company has real assets, real employees and real revenues and regardless of any obstacle we expect to achieve our goals, we are discouraged that our audited financial statements are not yet done, but we will prevail and get them done," said Wayne Burmaster, President, IBAC Corporation.
Mr. Burmaster also stated, "we are still here doing business and are not going away, we will achieve our stated goals regardless of time or hurdles put before us, if any shareholder wants to speak regarding questions or concerns please feel free to contact me at my personal email: w.burmaster*ibaccorp.com and I will answer you as soon as I can."
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
" The company has still not completed its Financial Statements due to a combination of reasons, we are working with our current auditors to get them done, we have set a definitive dead line and if they are not completed we have a back up plan that we will implement by the end of the month ."
Here is my prediction... End of the month they announce the current auditors have been let go and they are looking for new auditors. New auditors will be delayed because the old auditors messed up all the paperwork and the new guys have to start back at the beginning.
My gut feeling is this audit is all lip service. If any of you email Mr. Burmaster please post and let us know. I am curious to see how many emails go unanswered. I will email him today myself but I dont expect a reply...
-------------------- If you made money, it was a good trade
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posted
IBAC Corporation Reaches an Agreement to Buyout its Minority Partner in the Memphis Airport Days Hotel/Graceland Thursday July 27, 8:49 am ET
NEW YORK--(BUSINESS WIRE)--July 27, 2006--IBAC Corporation (PINK SHEETS: IBCX - News) today announced that they have reached an agreement to acquire the 49% minority interest in the Memphis Airport Days Hotel/Graceland that it does not own from its minority partners. The company expects the deal to be completed within the next thirty days baring any legal complications. ADVERTISEMENT
The company has recently spent upwards of $200,000.00 in required improvements to the Memphis property that included new air conditioners, new Days Hotel Signs, new perimeter fencing, roofing, panting and furniture.
The company just recently completed the acquisition of the 49% minority interest that it didn't own in the Sanibel Restaurant Group.
That will leave the company with 100% ownership of The Sanibel Restaurant Group and the Bonita Springs Restaurant Group and the Memphis Airport Days Hotel/Graceland, leaving only a 49% minority partner in the Royal Arkansas Hotel & Suites property.
"The company's strategy going forward is to control 100% ownership of all its properties thus strengthening its balance sheets, with complete control over cash flows and 100% of the equity in the properties. The company has also looked at other properties for acquisition and will be submitting proposals for them within the next few weeks," said Wayne Burmaster, President & COO, 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
Sure would be nice to know the dollar amount the company is paying as well as who the minority partners are. I'm suspicous it might be Eddie.
Also, look at the last 2 PR's. The company used approx. 200k for repairs and enhancements to Memphis and say that the value of memphis has been increased to 4.8M up from 1.9M. I'd like to get on that band wagon. Maybe if I put in 10K in improvements to my 300K house, I'll see an equity increase to 550K. Something is not quite right.
-------------------- It's choice - not chance - that determines your destiny.
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posted
IBCX, formerly ICAN, has seriously kicked investors when they were down...do some major DD before investing/daytrading this one. They've been releasing an audit for over a year now, maybe year and 1/2 already...do not hold your breath...
-------------------- Just the facts, ma'am.
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posted
I have not gotten any reply from the auditor (Neal Levine) or Wayne Burmaster. I doubt I ever will. I still predict a PR saying they have to start the audit all over again.
Vague PR's, not returning stockholder calls or emails, disgruntled employees posting shocking stuff about them (www.ibacnews.com) and a stock price down over 85% in one year while they continue to say they are buying new assets. It all adds up to SCAM.
Allow me to paint my opinion... Ed starts the company and makes himself minor partner in all purchases. He buys some property like the hotel for 1.2 million. Ed pays 600k of his own money to be the minor partner. The company pays 200k for improvments and then they say the value is now 4.8 million. Ed then buys himself out at 49% of the new inflated property value and takes home 2.4 million. Ed realizes he needs a patsy so they bring in Wayne B to be the bad guy. Things look good under Wayne for a bit and then things start to go south. Ed escapes with his millions free and clear and is free to start a new holding company and do it all over again. again, just my opinion...
-------------------- If you made money, it was a good trade
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That's exactly what I was thinking yesterday. Only, I'm curious if Wayne even exists. We don't know his credentials and there's no bio of him on the website.
However, I even question this theory. I know the audit firm is real and can't imagine there to be a conspiracy between them. Time will tell.
They did say, although unclearly, that they have made an agreement to get the audit done and if it's not done by the end of the month they have a contigency plan. So, we'll soon see what the deal is.
Here's to hoping that we get back to a penny.
-------------------- It's choice - not chance - that determines your destiny.
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posted
There is talk over at investors hub that the auditor (levine) was also involved in another stock that went to court but he quit right before it went that far.
Here is the quote: "he was the auditor for CMKX that resigned just prior to the hearing"
Anyone have any info about what happened to CMKX?
-------------------- If you made money, it was a good trade
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posted
C-rap. I believe CMKX was a diamond company that virtually ripped all investors off. If memory serves (which is usually on vacation) they diluted pretty heavily, but also they kept up with a similar tatic of pr'ing that they were going through audit to be a fully reporting company.... Anyone care to confirm this. I believe I'm right but please don't take my word for it, verify, check and double check.
-------------------- It's choice - not chance - that determines your destiny.
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posted
In just a few days,the pps jumps 100%.If ibcx is a scam,why don't they just keep on diluting?Instead,they haven't sold any shares for a whole year and they have generated revenue enough to sustain the company without borrowing more money.If they are a scam,they can simply ignore us.What disappoints me about this company is the audit.However,if they can come up with a decent one and a move to otcbb,the pps will jump anywhere from 10 to 100 times.
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posted
How do you know they have not sold any shares? How do you know they have not borrowed money? You say if they are a scam they can simply ignore us and yet they are ignoring us. I have not had an answer to any of my calls or emails.
It is past the end of July and yet no PR telling us what the plan was if the audit was not done at the end of the month. I dont know about you but I feel my concerns are being ignored.
-------------------- If you made money, it was a good trade
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I'm not bored just irritated. The increase in the last few days tells me either something has to be going on or someone is bidding up the price for a dump.
Hoping for an unbelieveable audit.
-------------------- It's choice - not chance - that determines your destiny.
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