IAHL Corporation (IAHL)

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IBAC Corporation Announces Offer to Acquire its Restaurant Operations
Nov 2, 2006 8:54:00 AM
Copyright Business Wire 2006

NEW YORK--(BUSINESS WIRE)--

IBAC Corporation (Pinksheets: IBCX) today announced that it has entered into negotiations to acquire its restaurant operations, the proposed acquisition if accepted, would be to another publicly traded company and include a share distribution (payout) to the IBAC shareholders.

The requested acquisition of IBAC assets are the Florida restaurants in Ft. Myers and Bonita Springs, the company even though they consider both these assets as major holdings has agreed to consider the sale if a positive profit is recognized by the company and its shareholders.

"As we continue to build our company, we will consider this offer as we are directing our efforts towards real estate owned properties such as the pending country club/golf course acquisition and our currently owned hotels. I have agreed to negotiate this potential acquisition only if it is beneficial to the shareholders and the company, meaning a profit could be realized, otherwise we will pass on the proposal. It is my intent as the President of this company to realize the best return on investment as possible," said Wayne Burmaster President IBAC Corporation.

IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: www.ibaccorp.com.

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