IBAC Corporation .01- IBCX announced Friday after the
bell that it's Board of Directors has approved an additional reduction
of its authorized common shares to 200 Million from 500 Million. The
Board also approved a 15% stock dividend, with this action the Board
believes it will further help bring the company's market
capitalization in line with the true value of the company and allow
greater opportunity for growth of the share price.
The company has not filed for any new regdex/504 and will not do
so; the decision was made after long discussions with our advisors. We
believe the action will enhance the value of the company and will help
create a stronger balance sheet/audit when we apply to the OTCBB for
listing.
The reduction in the authorized shares will take effect
immediately with the appropriate filings being submitted to the
Secretary of State of Delaware this week, the 15% stock dividend pay
date will be announced by this Wednesday and appropriate paperwork
immediately filed. This will leave the company with 200 million common
shares authorized and with the 15% stock dividend 172,500,000 million
common shares outstanding, the balance of 22,500,000 million common
shares will remain in the company's treasury and will not be
liquidated.
"We have decided to reward our shareholders with this 15% stock
dividend for their loyalty and patience as we continue to bring the
share valuation in line with the company's assets/revenues. The
company last year also rewarded its loyal shareholders with 25% in
stock dividends. We are continuing to strive towards maximum
shareholder value and confidence in the direction of the company while
we ready/prepare ourselves for listing on the OTCBB." said Wayne
Burmaster, President & COO.
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 as the
majority owner with over 100 employees in Florida, Tennessee &
Arkansas that includes a 200 room full service hotel, 127 room limited
hotel, 4 restaurants/lounge 10,000 sf of banquet space and the
exclusive concession, food, beverage & catering contract with the Pine
Bluff Convention Center.
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.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE RESTAURANT DIVIDEND
SOURCE: IBAC Corporation
CONTACT INFORMATION:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
Investorrelations@ibaccorp.com
www.ibaccorp.com
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