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Saturday, December 16, 2006 3:56:13 PM
"IBAC Corporation (Pink Sheets:IBCX), 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."
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