posted
Looks like the discount is back with a pps of .002 x .0022 I think some were expecting news that hasn't come yet! I still feel this is a bargain at this level!!
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PPS is down. Mostly likely from the sell off of the divi. Those buying today, as compared to some before the first divi is getting a better pps going into the second divi. This is the growth of the company. I'm loving the spin off with possible cash divi also. Do your own due diligence. Every stock is a gamble
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IBAC Corporation Filed its Application for Electronic Filing Status with the SEC Friday January 5, 2:36 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pink Sheets:IBCX - News), a Hospitality Holding Company, today announced that it had filed its application for electronic filing status with the SEC, the SEC has rejected the application based on previous filings as they were "paper filings" the company is in the process of correcting this. ADVERTISEMENT
The SEC has informed the company that to be able to file reports electronically that it must have had filed previously via electronic filing, so the company now is in the process of "back tracking" per the SEC instructions to correct this situation.
"The company will correct this matter, so that we may file the appropriate (electronically) paperwork for its stated goals. The company intends to become a fully reporting and trading OTCBB company," stated 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
I don't know if I would call it Junk News. I think this at least proves they are on thier way to becoming fully reporting on the OTC. If they are giving us a Bullsh+t line again they are digging themselves a big hole. If this is a BS PR they are in trouble They used the SEC name THREE TIMES in the PR?? Now if they were not rejected by the SEC they straight up lied. This shows they are working towards the goal of fully reporting. Should make for a interesting day.
This company didn't spend 80/90 grand for A/F's not to file for OTC. We're on the way up. Lots of good stuff in the pipeline.Increased revenue, Spinoff, Divi, A/F and OTC. Do your own Due Diligence. PPS 0.002
The SEC has informed the company that to be able to file reports electronically that it must have had filed previously via electronic filing, so the company now is in the process of "back tracking" per the SEC instructions to correct this situation.
"The company will correct this matter, so that we may file the appropriate (electronically) paperwork for its stated goals. The company intends to become a fully reporting and trading OTCBB company," stated Wayne Burmaster President IBAC Corporation.
Where there is smoke, there is fire. Its not a question of is this company making a profit
posted
The way I see it all that happened in this PR was an "application for electronic filing status" and that does not mean that a Form 10 was sent to the SEC. It says to me that they filed to be able to file electronicaly if and when they do file! This one sounds like a ploy to make some believe that an actual filing was rejected. Ed's securities lawyer is no dummy, and I would assume that she was aware that the application would be denied! Will Ed correct the REGDEX paper filings, by actualy filing them electronicly, and transparently? If he does then we will at least know where we stand with the paper filing that was done in November 06, and that would be nice! My mind says why the twist? If they are going to reverse merge the company. Then why bother gaining electronic filing status with IBCX? It just does not make any sense at all. If your merging into a company that already has that status. Anyhow the flip flop is frustrating, and it's still a wait and see what is next game here! The stock to assets raceo still leaves the PPS in an undervalued state, but the why is no secret!
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1. If you are actually thinking they are gonna issue a cash dividend you are smoking something serious. That PR is a lure and at most you will get some more shares.
2. Once you get those extra shares they will do a RS 6 to 8 months after and take them back.
3. In November they said they have a final draft and just need to review it before releaseing it. It has been almost 2 months, how long does it take to review a document that you just paid auditors to work on for over a year?
4. They claimed to be starting the move to the OTCBB in 2005. It does not take this long.
5. They are selling off their biggest asset, the steak house.
6. The price has steadily gone down over the last year. After the last RS they were at .008 and now they are down to .002
7. Former management have accused them of several very bad things. There was a website from the old manager of the steakhouses but I dont know the web address.
I dont recommend anyone hold this for very long. With all the PR's they are putting out it may pop for a bit and you could make some money but get out fast. Dont be one of the many bag holders that this company continues to generate.
-------------------- If you made money, it was a good trade
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posted
Lets talk about share structure for a moment. Has anyone here ever seen more horseplay with share structure than this???
NEW YORK, Jul 13, 2005 (BUSINESS WIRE) -- IBAC Corporation (ICAN.PK) today announced that 625,676,008 Million Common Shares have been retired effective at the opening of business tomorrow. IBAC also announced that the company has approved an additional buyback of up to $500,000.00 of its common stock on the open market over the next six months.
NEW YORK, May 19, 2005 (BUSINESS WIRE) -- IBAC Corporation (OTC.PK:ICAN.PK) Today announced that they will increase the previously announced company share buyback from up to 300M to 750M shares on the open market by September 30, 2005.The Company has purchased 200M shares today on the open market through a third party.
NEW YORK, May 12, 2005 (BUSINESS WIRE) -- IBAC Corporation (OTC.PK:ICAN) announces that its Board of Directors has now approved a restructuring of its authorized common shares from 20,000,000,000 to 12,000,000,000 effective immediately, the certificate of amendment has been filed with the State of Delaware by corporate counsel.
NEW YORK, Apr 19, 2005 (BUSINESS WIRE) -- IBAC Corporation (ICAN:PK), a Hospitality, Restaurant, Food & Beverage Service, and Entertainment Holding Company. Today announced that its Board of Directors has approved a program for open market stock repurchases through September 30, 2005 (By the end of the third quarter) for up to 300,000,000 shares of its stock at prevailing market prices and in accordance with applicable securities laws
NEW YORK, Mar 11, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) announced today that it will reduce the company's authorized shares to 10 Billion. IBAC Corporation's board of directors has agreed to reduce the authorized common stock from 20 Billion Shares to 10 Billion Shares.
NEW YORK, Mar 10, 2005 (BUSINESS WIRE) -- IBAC Corporation, (Pink Sheets: ICAN) announced today that it will seek to retire an additional Four Billion shares of common stock. IBAC Corporations board of directors has agreed to retire an additional Four Billion ICAN shares to the treasury. The 4,000,000,000 shares are ICAN common stock, this in conjunction with the Six Billion shares to be retired by the personal shares of Edward W. Hayter President & CEO will decrease the authorized common stock by 50 percent and is
NEW YORK, Mar 09, 2005 (BUSINESS WIRE) -- IBAC Corporation, (Pink Sheets:ICAN) announced today that it's CEO, Mr. Edward W Hayter, will retire 6,000,000,000 shares of his personal ICAN common stock in exchange for a class of preferred stock.
-------------------- If you made money, it was a good trade
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posted
1/05 - they increase the OS by 10% in a dividend
5/05 - they increase the OS by 15% in a dividend
3/06 - They decrease OS with a 1 to 80 RS
3/06 - they increase the OS by 15% in a dividend
1/07 - They issue more shares as a dividend.
Why does a company issue a few dividends and then slam it's investors with a 1 for 80 RS and then start issuing dividends again? If you do the math you will see they are still ahead from the last RS.
Could they be baiting investors with the dividends just to RS again??? Only time will tell.
-------------------- If you made money, it was a good trade
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posted
I have no idea what is going on with share value, but as I have said I have followed this company very closely and as a result I have been able to find certain information that many may not dicover, and one of those things is the increasing property value of the Hotel in Memphis TN
Here are the 2005 numbers for the Hotel followed by the hotel!
HOTEL 2005 Appraisal and Assessment Information Class: COMMERCIAL Land Appraisal: $ 256,900 Building Appraisal: $ 1,205,800 Total Appraisal: $ 1,462,700
Total Assessment: $ 585,080
RESTAURANT 2005 Appraisal and Assessment Information Class: COMMERCIAL Land Appraisal: $ 172,100 Building Appraisal: $ 111,300 Total Appraisal: $ 283,400
Total Assessment: $ 113,360
Here are the 2006 numbers for the same properties!
HOTEL 2006 Appraisal and Assessment Information Class: COMMERCIAL Land Appraisal: $ 256,900 Building Appraisal: $ 2,619,200 Total Appraisal: $ 2,876,100
Total Assessment: $ 1,150,440
RESTAURANT 2006 Appraisal and Assessment Information Class: COMMERCIAL Land Appraisal: $ 172,100 Building Appraisal: $ 111,300 Total Appraisal: $ 283,400
Total Assessment: $ 113,360
This is the total price IBAC payed for the two properties!
06/27/2005 $1,925,000 05102614 SW
2005 total Appraisal value $ 1,462,700 $ 283,400 =$1,746,100 2006 total Appraisal value $ 2,876,100 $ 283,400 =$3,259,500
Total Appraisal value less purchase price $3,259,500-$1,925,000= an increase of $1,334,500
Just the increased value and equity in this one hotel and restaurant is worth more than all the stock that is issued right now! The total value of the one property is better than three times the current stock value!
posted
Royal Arkansas Property Value! as appraised by city!
ROYAL ARK HOTEL & SUITES INC 2 CONVENTION CENTER DR PINE BLUFF, AR 71601 Current Market Values Land:$ 67,700.00 Building:$ 2,090,650.00 Total: $ 2,158,350.00
The Royal Arkansas Hotel & Suites is jointly owned by Turner Hughes Corporation and International Hotel Management. Turner Hughes Corporation is a private Investment Banking Firm owned by Edward W Hayter President of IBAC Corporation.
(Thats odd, seems he sold himself the hotel...)
2. Are the improvements paid for or is that financed?
PINE BLUFF, Ark. -- IBAC Corporation (Pink Sheets: ICAN), two leading financial services companies have provided The Royal Arkansas Hotel & Suites, Inc. additional credit facilities creating a combined $1 million dollar credit facility available to the company, to be designated as a standby working capital line of credit and a new term loan.
(Seems that along with the initial purchase price there is also at least another million that could be owed for improvement and operating loans.)
3. How is the hotel doing?
Traveler rating: Pine Bluff: Royal Arkansas Hotel and Suites: "Worst Experience Of My Life" Jul 25, 2005 A TripAdvisor Member, Conway, AR
My experience with this property took place in: July, 2005
Would I stay at this location again: no way! The problems started with check-in. The clerk let us stand there for nearly 15 minutes before she acknowledged our prescence (she was on a personal phone call). During this time, two managers walked out of the back and didn't even say hi or offer to help. When she finally hung up the phone, it got worse. The rooms we booked were not available. It then took an additional 50 minutes (I timed it) to get us something. The hallways were scorching hot and smelled like urine. We got to our rooms, and yes, they were big; but very ugly. My father arrived an hour after we did and it took him an hour and 20 minutes to check in as well. The next morning, my uncle waited an hour and 15 minutes to get service in the restaurant. They didn't even have orange juice for breakfast! All they had was water and lemonade. My father tried the restaurant too, but he was turned away saying that it would be too long of a wait. He then counted the empty tables and they there were more than 10! My uncle parked approximately 30 yards from the entrance the previous night and when we got to our car, the passenger window had been busted out and his cell phone and checkbooks were missing. I noticed a police officer on the other side of the lot and flagged him down. He then mentioned that we were the 12th car that had been broken into that night. I let the front desk know that we needed a vacuum cleaner for the glass. I also inquired if they could do anything for us and all the guy told me was it wasn't their fault, because it is a city parking lot. No "I'm sorry." The cop told us that they owners fired the security when they took over saying they didn't need it. Overall, the customer service was laughable, no one wears name tags, it is in a dangerous area and I will never forget this.
(In all fairness there are also good reviews but the hotels total rating is 3.5 out of 5)
4. What did they pay for the hotel? I cant seem to find a PR saying what was paid.
I dont know Ric, this company scares me. Way too much funny business going on for me. I suspect Ed sold it to his bad company so he could finance the renovations and build it up and then sell it back to his good company for a nice discount. I see the price is still dropping even with all the PR's about going to OTCBB, Dividends and record sales.
Are you in yet Ric? If so where did you buy in at?
-------------------- If you made money, it was a good trade
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"Director of operations Juan Celestino and general manager Shannon Caperton said inconsistent service had marked the restaurant since Brooklyn, N.Y.-based IBAC Corporation purchased The Sanibel Steakhouse and its Fort Myers counterpart in May."
Seems odd for ICAN to sell off its steakhouses shortly after they pour money into them to renovate, change menus and hire new managers. Could Ed be selling it to his good company while his bad company (IBCX) takes the loss for renovations???
-------------------- If you made money, it was a good trade
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posted
I was in Naples for a week after Christmas. Drove by this restaurant and noticed it wasn't a Sanibel Steakhouse anymore. I thought it was more scamming by Ed. But I guess he still does own it according to that article. Just a name change. The parking lot was virtually empty the two times I went by...
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posted
IBAC Corporation Addresses Shareholders' Questions & Concerns and Actions Being Taken
Jan 23, 2007 09:03:14 (ET)
NEW YORK, Jan 23, 2007 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today issued this announcement regarding several pending corporate actions, announced previously.
The first issue to be addressed is the sale/spin off of the company's restaurants in Florida, at this time the company has a bona fide offer from a qualified purchaser, the issue at hand is compensation, how much cash will the company receive at closing opposed to the acquirer's stock. The company is negotiating feverously for as much cash as possible up front and expects this issue to be resolved within days.
The second issue to be addressed is the acquisition of the Rosswood Country Club in Arkansas; the company has reached an agreeable purchase price with the sellers and the Board of Directors of the selling entity has approved via a unanimous decision to sell to IBAC Corporation with certain contingencies. The company is reviewing all and expects a positive resolution, with the end result of the company becoming the owner of the property very soon.
The third issue to be addressed is the company moving to the OTCBB. The company has previously stated it is their intent to become a fully reporting company via a reverse merger into a fully reporting OTCBB company. The company has identified 3 possibilities and has chosen the one it feels is best suited towards its needs. After certain requirements are met, the company expects a successful merger very soon.
"The company obviously cannot divulge all aspects of ongoing deals, what I have tried to do is give a definitive overview of where we are at this time; I expect all of these situations to become reality and many other ongoing negotiations to come to fruition," said Wayne Burmaster, President IBAC Corporation.
posted
i was thinking .0015 was bottom, but when that it went to .0011 i jumped on it. right now there is huge support at .0011, and it looks solid, never know if it will break into it, but its gonna be tough for mm's to drag it down farther. your call back then was really good will, imo, and i do think it can run hard, just has dilution wildcard. but, as we have seen they can run regardless of dilution.
quote:Originally posted by will: "I would also like to see the company put in writting the share structure since the TA won't give it out."
Obviously you have taken the time to call the T/A, and found them to be "gagged". Not a very comforting sign, matter of fact, it is unnerving. They are also incorporated in DE, where you would have to buy the information regarding A/S changes, unlike NV & WY.
I don't disagree that this will bounce, and can be a profitable play, but to suggest it is good company, or a long term hold, is misleading. Too many red flags.
I like it at .0015 / .0017 for a bounce to .0055 / .006.
If they begin a heavy PR campaign, you can bet they will be diluting into it.
posted
"The hallways were scorching hot and smelled like urine."
I just love these pinks !
LOL
What was the PPS at the biginning of the thread, (.0022) ? I guessed bottom, .0015 / .0017, current PPS .0013. Might not be a bad buy at .001. Hard to say without knowing any current information on the O/S.
Outstanding Shares: Not Available
Estimated Market Cap: Not Available
Authorized Shares: 200,000,000 as of 2006-04-10
Float: 150,000,000 as of 2006-03-10
Smells more like piss to me.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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JMO
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Nice DD ric!!
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Nice write up here to prove the existence of IBAC Corporation in Southern Florida,
