IAHL Corporation (IAHL)

[johncee]

Has IBAC kept their promises, lets look at it.

Promise #1 - 10/13/06 - The company will be publishing a pre audit Financial Statement by the months end on the company's website, with audited financials to follow soon after.
CHECK - kept promise on 10/23/06 press release.

Promise #2 - Oct 17, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets: IBCX) today announced that it is holding negotiations to acquire a full 18 hole golf course and country club.

CHECK – kept promise on 11/30/06 press release.

Promise #3 - 10/17/06 - The company intends to incorporate/build a number of high end single family homes and condos on the property abutting the golf course, thus creating additional profits from the acquisition while defraying the acquisition cost.

CHECK – kept promise on 12/1/2006 - IBAC Corporation (Pinksheets:IBCX), a Hospitality Holding Company, today announced it will form a yet to be named construction & development division.
The wholly owned subsidiary/division will be charged with all building/development activities pertaining to the recently announced agreement to acquire the Rosswood Country Club. The company intends to build depending on zoning ordinances a combination of high end single family homes, condominiums and time share/vacation villas on the property.
The company based on its initial research has determined that the property could yield as many as 300 to 400 building lots; depending on architectural & engineering planning the exact building area will be determined.
The company intends to approach this project as a major master planned development with unit prices ranging from $250,000 to $500,000 with additional revenues being generated from time share/rental fees along with customary greens fees, banquets, bar and restaurant sales, etc.

Promise #4 – 10/26/06 - -- IBAC Corporation (Pinksheets: IBCX) today announced that its Board of Directors has approved an aggressive business plan to acquire more real estate owned properties, they have authorized a budget of $100 million dollars, (of bank financing for the project), as the board believes that this is the only way the company can achieve its stated goals and objectives.
CHECK – kept promise on 11/30/06 press release, assuming that they used part of the 100 million line of credit to purchase the golf course.

Promise #5 - 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.
CHECK – kept promise on 10/13/06 - In the past year the company has bought out its minority partner in the Sanibel Restaurant Group and has acquired The Sanibel Steak House in Bonita Springs both properties are now owned by IBAC Corporation 100%, The Company has removed its minority managing partner in the hotels and will attempt to gain the 100% ownership of those properties as well (IBAC Corporation is the majority partner (51%) in the hotels and the sole investor in them).

Promise # 6- 10/21/06 - IBAC Corporation (Pinksheets:IBCX) announced today that it has a final draft of its audited financial statements and after review will release them to the public.
"The company and the shareholders have waited a long time for this moment and we are now very excited that now we will be able to become a fully reporting company and file to move up to the OTCBB." Said Wayne Burmaster President
NOT CHECKED – The company has yet to release the audited financials.

Promise #7 – 11/22/06 - IBAC Corporation (Pinksheets:IBCX) announced today that its Board of Directors has approved an immediate reduction of its Authorized shares from 500 Million to 350 Million.
The company had previously increased its authorized shares to 500 Million in anticipation of certain pending acquisitions that may have required issuance of stock, after the negotiations of these acquisitions the stock will not be required as the acquisitions will be funded from cash flow.
The reduction in authorized shares is in line and includes considerations of the 25% stock dividend, payable to shareholders of record on December 1, 2006, the share dividend will be paid with non restricted (free trading) stock.
CHECK – I have no reason to believe that the dividend will not be paid out on 12/15/06, further it still has not been determined if there has been any change in the authorized shares to date, so I am taking the companys word that there is an actual reduction and no increase.

Promise #8 – 11/28/06 - IBAC Corporation (Pinksheets:IBCX) a Hospitality Holding Company today after the bell announced, that it is in the process of preparing the required form 10, that is necessary for the company's request to trade on the OTCBB.
The company is working on a fast track basis, and expects to file the form 10 very soon, thus giving the company the ability to trade on the OTCBB.
NOT CHECKED – The company has yet to file the form 10.
THE SCORE CARD – Well 6 out of 8 promises kept since October 13th 2006.

Some other interesting things I got out of reviewing the recent press releases are:

2006 revenue $9,500,000 to $10,000,000. Third quarter of $2,942,842.53 if projected for 2007 would give us almose 12 million for 2007 revenue with no other acquisitions, this is still a 23% increase over 2006 revenue.


The company expects a significant increase in revenues for the forth quarter as the company's restaurants in the Florida market will be entering the winter season the busiest time of the year for those operations.

The team will play all its home games at the adjoining Pine Bluff Convention Centers Arena (http://www.pinebluffonline.com/conv/arena.html). The company will also handle all concession sales through its contract with the Pine Bluff Convention Center, as contracted exclusively with IBAC Corporation's National Hospitality Management Services Unit. MORE INCOME FROM CONCESSION SALES.

The company had also previously announced a sale or transaction off of its restaurants in Florida, this proposed deal has not been completed at this time, if said deal is completed the shareholders would also receive an additional form of dividend when completed. This deal is under consideration as the Company is directing its efforts towards becoming a quality 100% real estate owned hospitality property Company.
In the past year the company has bought out its minority partner in the Sanibel Restaurant Group and has acquired The Sanibel Steak House in Bonita Springs both properties are now owned by IBAC Corporation 100%, The Company has removed its minority managing partner in the hotels and will attempt to gain the 100% ownership of those properties as well (IBAC Corporation is the majority partner (51%) in the hotels and the sole investor in them).
Wayne Burmaster, president and chief operating officer, stated that "the growth in all performance areas in 2006 was due to the continued success of our business development efforts in and around the marketplaces we serve. We are pleased with the continued, quality growth and increased earnings of the Company, and remain committed in our efforts to build a quality hospitality organization and increasing shareholder wealth."
It appears to me the company is on it’s way to being a quality 100% real estate owned hospitality property Company.