Latest P/R: 3/05/2007 IBAC Corporation Updates the Pending Sale of Their Florida Restaurants and Scheduled Closing Monday 03/05/2007 9:07 AM ET - BusinessWire IBAC Corporation (IBCX.PK), wholly owned Sanibel Restaurant Group, Inc. (The Sanibel - Palms Steakhouse) and Bonita Springs Restaurant Group, Inc. (Cozze) in Florida, today announced that it expects the previously announced sale of the two restaurants will be completed as previously announced within the next week.