,,,IBCX,,,News out! Plans to move to OTCBB!!!
IBAC Corporation Board to Review Accelerated Alternative to Move to the OTCBB
Friday December 15, 11:10 am ET
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pink Sheets:IBCX - News), a Hospitality Holding Company, today announced that its Board of Directors are meeting Monday to review and consider spinning off its restaurants and food service business to another publicly traded company, the Board at the same meeting will also vote on IBAC moving to the OTCBB via a reverse merger with an existing fully reporting OTCBB traded company.
The company believes that a reverse merger with an existing OTCBB company would accelerate the move opposed to the filing of Form 10 etc. The company is intent on getting listed on the OTCBB for the beginning of 2007.
The company sees the spin off as a positive move towards growth and prosperity for the company and its shareholders, the value of the spin off is set between 4.5M - 5M dollars with shareholders of record to receive stock and/or a cash dividend in the new company, shareholders will maintain an interest in all of the assets.
"We believe that the proposed spin off will enable the two companies to grow at a faster pace in their respected industries, the restaurants will concentrate on new locations either by franchising or company built restaurants. The company's brand names are Sanibel-Palms Steakhouses, Cozze. IBAC will concentrate on the Hotels and Country Club & Golf Course of which is all Real Estate owned properties with a home building division being put in place and will concentrate on additional acquisitions. IBAC will continue its anticipated move to the OTCBB with a stronger asset base," said Wayne Burmaster President IBAC.
Mr. Burmaster also stated "that a reverse merger with an existing fully reporting OTCBB company would be a faster way to achieve our goal of becoming a fully reporting company."
This press release does not constitute an offer of any securities for sale. This press release contains certain 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. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Contact:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
ir@ibaccorp.com
www.ibaccorp.com
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Source: IBAC Corporation
