This quote says it all
"The company will correct this matter, so that we may file the appropriate (electronically) paperwork for its stated goals. The company intends to become a fully reporting and trading OTCBB company," stated Wayne Burmaster President IBAC Corporation.
IMO Ed has listened to shareholders request to not put out any more pr's saying they are going to do something, the shareholders have stated they want Ed just to get it done and report the solid news when it is done (meaning the filing for the uplisting). That is exactly what he has done. IMO he has found a clean otcbb shell and has worked out the details for merging ibcx into the new otcbb shell company and has submitted the paperwork ELECTRONICLY for the merger, however they may have been trying to qualify for some type of exemption in regards to past paper filings and it did not work.
So IMO it is not a question of whether or not the company has the ability to file Edgar electronic filings, it is a matter of re-submitting the old paper filings on the on the new Edgar electronic format.
As per this statement:
The SEC has informed the company that to be able to file reports electronically that it must have had filed previously via electronic filing, so the company now is in the process of "back tracking" per the SEC instructions to correct this situation.
Does anyone here know how long it will take or what is involved with taking old paper filings and converting them to electronic filings, any help here?
At last, I think this is great news it says we are on our way to the otcbb through the new shell very soon, hopefully by the end of January.
