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still like the chart, wouldnt get greedy though.. last time MACD crossed it went for 10 bags. doubtful that will happen again, but it may be worth a gamble..
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IBCX news---February 05, 2007 01:15 AM Eastern Time The Royal Arkansas Hotel & Suites to Close its Doors Effective Immediately NEW YORK--(BUSINESS WIRE)--IBAC Corporation (IBCX.PK), majority owner of The Royal Arkansas Hotel & Suites, announced today that it will cease operations effective immediately.
“This is a tremendously sad day for the company, and for our loyal employees who have so well served this property,” said Wayne Burmaster, chief operating officer and president of IBAC Corporation.
“Although there are no definitive plans for the Hotels future, the company will review all options to financially liquidate its position in the property. The decision to cease operations was made after company executives visited the property last week and determined that the financial projections for 2007 do not meet the company’s required criteria for an ongoing operation.”
IBAC Corporation has held a majority ownership position in The Royal Arkansas Hotel & Suites since 2004.
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Resort, 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.
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1 hotel is gone.2 restaurants in Florida will be sold.There will be only 1 hotel left.It is the end of ibcx.So long,ibcx.It has been so nice to get hurt by you guys.Send our regards to Mr.Ed hayter.
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Panic selling is like a pushing a ball down in water the faster and deeper it goes the stronger the bounce back when it hits bottom... terrible analogy but I think you get the point...once the sellers are out... buyers will be coming back in...and a pr explaining the details of the sale of the restaurant and maybe even some good news will make it bounce nicely is what I'm looking for ...
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**** doesn't bounce it sticks to the floor and this stock is ****ty right now . By the way we haven't seen lows on this yet. As I have stated earlier on that every time we get a divy or press comes out the stock is worth less and sure enough......
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No news on the golf course, they have not confirmed any purchase.
They sold the steakhouses
They closed the hotel but have no buyers yet so they are sitting on top of the loans and making payments on them with no income coming in from the hotel.
Oh yeah, they are undervalued alright....
-------------------- If you made money, it was a good trade
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I'm glad you figured that out TalonSin. This stock has been manipulated for the past 2 years.There were many people hyping this stock with out facts. Btw where is the audit? We still have no idea what they actually own either other then what they say and we know what they say is only half the story at times such as ownership of the restaurant and hotels that we find they are only percentage holders of. I have indicated before the end of last year that this would tank and so it has.Another prediction is that they will fold this year and be out of business. If you look at the press releases on the hotel alone they have been false for the most part. They knew the hotel was a no go from the start. I have no faith in the golf course deal either if they bought a hotel and now have to shut it down they have no clue how to run a successful business to reach it's goal. I see the same failure with the golf course if the deal goes through.
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its a pink sitting at .0005.. of course its riddled with problems.. doesnt mean pos wont bounce, maybe this was all a manip game so someone could load the boat before good news.. it could go to .0001 with no bid for I know, lol
By The Commercial Staff Tuesday, February 6, 2007 10:51 AM CST
Employees of The Royal Arkansas Hotel & Suites voiced anger Monday when they learned the hotel had closed without notice. More than a score crowded into the vacant lobby Monday morning to share their unhappiness.
Gina Chappell of Pine Bluff, who had worked on the front desk for the past three weeks, said she learned the hotel was closed “when I came to work at 6:30 this morning. I worked 8 to 4 Sunday and they didn’t say anything.
“Everything was normal.”
An estimated 50 full-time and part-time employees lost their jobs with the closing, including a number of husband and wife teams who worked at the hotel.
“This is a tremendously sad day for the company, and for our loyal employees who have so well served this property,” said Wayne Burmaster, chief operating officer and president of IBAC Corp., majority owner of the hotel, in a brief statement.
Employees said they were worried about being paid for the past week of work.
John Baker, the Little Rock attorney who represents the Royal Arkansas, said the former employees will be paid on schedule next week.
Karen Turner of Pine Bluff, a waitress in the food service department, said she also learned about the closing upon reporting for work.
The employees said a number of offices in the executive wing of the hotel were damaged, with computers dumped on the floors.
A large cage and two birds were missing from the lobby. Workers said some furniture had been removed from the lobby and offices.
Trash from the offices and lobby littered the floors.
Several employees said they suspected something was amiss Sunday evening when they saw three rental trucks back up to the hotel.
A front desk employee, in response to a telephone inquiry, said it was just a quiet Sunday night.
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We closed down the Hotel as it was going to lose money for the 1st and 2nd quarter of 2007; the Hotel also struggled to overcome the damage created when Mr. Becker was arrested for alleged credit card fraud.
The company determined that the closure was in its best interest, as far as the newspaper reports etc. it did not happen that way at all, first of all the building was secured when they left , some hostile people broke in and created havoc and stole some items we have since posted off duty Pine Bluff Police as security. The company still owns the property we have just stopped operations per our news release.
I would also like to add that all of the company’s properties are doing business as usual and are fine.
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yes there is a r/s in the works as I been saying since last November. Just when we wont know for a few weeks. We will see a further drop as well
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I am lost here. they buy into a hotel and have no idea the people they are partnering with is robbing them blind? Makes me really wonder if they even have any business sense at all. why wasn't the books checked on a month to month basis. as a start up business and majority holder they should have been aware of what was going on.I see we had the drop down to 0.0001 and a upward trend but i don't believe it will hold. anymore bad news will sink this permanently.I still feel a r/s coming which I hope I am wrong because if this does happen I dont see many people foloowing it to otc.
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IBAC Corporation Updates the Pending Sale of Their Florida Restaurants and Other Issues
NEW YORK, Feb 15, 2007 (BUSINESS WIRE) -- IBAC Corporation (IBCX.PK), sole owner of The Sanibel - Palms Steakhouse and Cozze in Florida, announced today that it expects the previously announced sale of the two restaurants to be completed as previously announced. The company has ceased operations of its Cozze operation (pending its sale) as a money saving move as the location was just not cash flowing per the company's requirements. The pending buyers of the property were made aware of this decision and had no issues with it, as they intend to renovate and change the restaurants concept. IBAC bought the property in May of last year and encountered a significant decrease in sales due to several issues including staffing, the opening of a new major mall a half a mile down the road with many nationally branded restaurants.
The company after completion of the sale of their restaurants will still have its majority ownership in the Memphis Days Inn Hotel & Restaurant and will also be evaluating its operations and most likely put it up for sale also.
It is the intent of the company (IBAC) to exit the hospitality industry with significant (as much) cash to reorganize its business and invest in more profitable and less risky businesses. The company has suffered a series of significant losses (in the fourth & first quarter) with the closing of its Royal Arkansas Hotel and other operating losses; the cash the company expects to end up with will be approximately $6,000,000 (six million dollars by its estimates).
"The company has worked very hard to build a profitable and viable hospitality business, we now realize that it must change its business model to succeed, the company believes with the current share structure and current equity in its properties (to be converted to cash) that it is extremely undervalued, 800,000,000 shares divided by $6,000,000 dollars should reflect a significantly greater share price, the current market cap for the company is $80,000 at the bid is significantly less than we paid for one restaurant and is less than the company's monthly payroll , the company will regroup and become stronger and more profitable and carry out its stated business plan since day one a profitable fully reporting company," said Wayne Burmaster, President & COO IBAC Corporation.
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.
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"the company believes with the current share structure and current equity in its properties (to be converted to cash) that it is extremely undervalued, 800,000,000 shares divided by $6,000,000 dollars should reflect a significantly greater share price"
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Where is the cash?The Royal hotel is a wreck.The 2 restaurants in Florida haven't been sold yet.The buyer can just walk away from the deal.Show me the money.
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You can spin this news any way you want...but when the ceo comes out and values the stock at .0075 and it's currently trading at .0001x.0002 it looks like it has no where to go but uppppppppppppppppp great buying op here imo
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How will they justify a value increase with out an audit. This company has had to many inconsistencies and bad pr's for anyone to have faith in it and have lost their respect and honor from many holders that supported them from the beginning. The only way they can regain it is buy raising the pps which I doubt will be significant enough to warrant such.While I agree it may have a slight rise because its at lows the problem is whether you will be able to sell at the new highs..
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I hope it lasts and no one gets burned on the drop but as we all know this can tank very quickly.Im glad for those that bought in the lows if they are able to sell it.
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Just Bury This POS...OK ED
