Again, ICAN news today (new for Thurs)...
IBAC Corporation to Further Reduce Authorized Shares & Issued and Outstanding Simultaneously
Thursday July 14, 8:05 am ET
NEW YORK--(BUSINESS WIRE)--July 14, 2005--IBAC Corporation (ICAN.PK) today announced that in addition to yesterdays announced 625,676,008 Million of Common Shares being retired effective today at the opening of business, and the approved additional buyback of up to $500,000.00 of its common stock on the open market over the next six months, it will now also reduce the authorized shares by 1 Billion immediately. (Pending filings with Delaware by counsel.)
The company intends to purchase as many shares as possible on the open market over the next six months with its budget of $500,000.00 and will simultaneously reduce its authorized shares equal to the purchased shares in equal amount blocks. This process is being taken to bring the share value inline with the company's true worth.
The company's Sanibel Restaurant Group Unit will undergo its first six month audit (IBAC has only owned it since January 4, 2005) next week followed by The Royal Arkansas Hotel (IBAC has owned it 1 year at the end of August), the newly acquired Memphis Airport Ramada and the second Sanibel Steakhouse in Bonita Springs (closing at the end of August) audits will be ordered and integrated when needed. This action is being taken to position the company for its anticipated move to the OTCBB.
"The company will continue to implement its stated objectives and goals aggressively and will not waiver, this is a fledging company with a great future and we will continue to follow our plan. We have built this company while enduring start up and rapid growth pains, in just nine short months to a company that has gone from a dormant non operating company to over 100 employees in three states, I have personally invested over 3.5M cash in this company and am the largest shareholder and I am committed to the company's success, as I have stated we will continue to grow our assets & revenues and achieve all of our stated goals," said Edward W. Hayter, President & CEO of IBAC Corporation.
About IBAC Corporation:
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant and other industries. IBAC now operates businesses and employs over 100 people in Florida, Tennessee & Arkansas that includes a 200 room full service hotel, 127 room limited hotel, 7 restaurants/lounge (2 pending closing already contracted) 10,000 sf of banquet space and the exclusive concession, food, beverage & catering contract with the Pine Bluff Convention Center.
IBAC operates through its subsidiaries, The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites/National Hospitality Management Services/Monarch Entertainment Group Worldwide; IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. Visit the company website at www.ibaccorp.com
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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Contact:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
Investorrelations@ibaccorp.com
www.ibaccorp.com
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