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IBAC Corporation Holds Negotiations to Acquire a Country Club & Full 18 Hole Golf Course 10/17/2006 9:05:06 AM NEW YORK, Oct 17, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets: IBCX) today announced that it is holding negotiations to acquire a full 18 hole golf course and country club.
The property's golf course was designed by the world renowned Alfred H. Taft 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 high end single family homes and condos on the property abutting the golf course, thus creating additional profits from the acquisition while defraying the acquisition cost.
"Due to the sensitive nature of the negotiations and the request of confidentiality by the sellers of the property, the deals terms and the location of the property will be disclosed upon the completion of executed contracts, this announcement is being made due to the potential impact on the company's growth plan and the shareholders interest. We are very excited about this potential acquisition as it keeps with the company's philosophy of owning 100% all of the properties that it acquires and expands the company's holdings within the hospitality industry. This acquisition will add several million dollars in revenue for the company," 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.
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