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Friday, December 01, 2006 1:22:27 PM
Business Wire, May 16, 2005
NEW YORK -- IBAC Corporation (Pink Sheets:ICAN), a Hospitality, Restaurant, Food & Beverage Service, and Entertainment Holding Company, today announced that its Board of Directors has approved the go ahead to negotiate an increase to its credit facilities for up to 20M dollars from a group of private investor/lender's and Banks.
"We are very excited about this proposed increase to our credit facility as this will allow us to accelerate certain proposed deals we have been looking at and to seek additional acquisitions for the company," said IBAC's Chairman Edward W. Hayter. "We feel that with our solid performance, strong outlook and cash flow that now is a good time to complete other certain deals that we have been looking at and that are on the table now, to grow the company."
The company continues to pursue additional acquisitions as to reach our stated goals of becoming a 100M per year company within three years. This credit facility has been put in place for additional acquisitions we have in place and does not affect current contracted acquisitions.
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