When you mentioned Lone Star Steak House, it got me thinking....I was sure I heard it somewhere before when this same restaurant was being spoken about, then I remembered, I did hear mention of that before. The whole growth plan has a familiar ring to it, and similarly, none of it ever happened.
IBAC Corporation Holds Talks to Acquire Additional Eight Steakhouses in the Northeast Region
Business Wire, March 20, 2006
NEW YORK -- IBAC Corporation (PK:IBCX) announced that the company has held discussions to acquire eight additional steakhouses in the Notheastern part of The United States from two separate parties to be named at a later date.
The Steakhouses operate similar to the Outback/Lone Star Steak House operations and operate in the states of New York, Vermont, Massachusetts and Connecticut. The combined revenues represented by this potential acquisition would represent 18 to 21 Million Dollars per year in additional revenues to the company.
IBAC Corporation operates Hotels & Restaurants with over 125 employees in three states Tennessee, Arkansas & Florida with revenues for 2005 of 4.5 Million Dollars if the company is successful we will add an additional eight restaurants and over 200 employees.
"With the required due diligence involved in any acquisition or merger, we will not yet name the candidate until our review of the company's inventory, assets, financial statements is complete and a definitive agreement is signed. We do however, wish to inform our shareholders of this potential acquisition, given the potential impact on operations," stated, Wayne Burmaster President and COO. "We expect the due diligence process to be completed in sixty days and, pending a favorable outcome, a definitive agreement would be entered into immediately."
AI
