PRSU owns 2 restaurants that was bought off of Edward L Hayter and only claiming one?hmmmmm,But read this nothing is adding up !! Can someone please help explain this,,thank you in Advance. Hayter / Astrom LMAO @ you 2
7/12/07 - Prime Restaurants, Inc. Announces Its New President & CEO and Outlines the Company's Growth Plans Going Forward
The company currently owns and operates The Sanibel - Palms Steakhouse in Ft Myers, Florida. That location was purchased for $ 1,800,000 and is well established for close to 10 years at the same location. The restaurant consistently generates operating revenues of between $ 1,800,000 and $ 2,100,000 per year. The facility has a full Bar/Lounge area, two banquet rooms that will accommodate all types of social gatherings and functions and will seat well over 100 in its dinning areas.
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IBAC Corporation Completes the Sale of Its Florida Restaurants and Now Is Poised to Take New Direction
Market Wire, April, 2007
IBAC Corporation (PINKSHEETS: IBCX) the New York-based hospitality provider today announced it has completed the sale of its Florida Restaurant subsidiaries (The Bonita Springs Restaurant Group, Inc.) and (The Sanibel Restaurant Group, Inc.) to Prime Restaurants Inc. for $4,100,000 dollars. The new company Prime Restaurants, Inc. will take possession after a transition period of two weeks.
IBAC Corporation will start to redesign its business model seeking better more established and less risky business investments, within major cities within proven stable industries. The company still maintains its 51% state (ownership) in The Memphis International Hotel & Restaurant Property and will seek a buyer for the property. The company values the property between 4 to 5 Million dollars.
IBAC Corporation was started in September of 2004 and had a business model of acquiring distressed properties within the hospitality industry, and acting as a holding company providing the funding for these acquisitions while maintaining a majority interest in them, while the minority partners were the operators of the businesses, the premise of that business model was to enhance accelerated growth without the management headaches on a day to day basis of the operations. Needless to say that strategy did not work out the way the company anticipated.
