ICAN- IBAC Corporation Subsidiary National Hospitality Management Services Reports Successful Event
PINE BLUFF, Ark., Mar 10, 2005 (BUSINESS WIRE) --
IBAC Corporation (PINK SHEETS:ICAN), a leading food & beverage/restaurant/hotel/entertainment company today announced that its subsidiary National Hospitality Management Services Group has successfully completed its first event under their new contract for the concessions at The Pine Bluff Convention Center.
The company's first event under its new contract with the convention center was The Arkansas State High School Basketball Finals and resulted in revenue to the company for this first event of over $22,000.00.
The company's affiliated/sister company Royal Entertainment Group has executed its first contract for an event in the convention center; it will be a concert in the auditorium by the legendary Ashford & Simpson. The company plans on promoting many events to increase traffic and revenues to the complex.
"We are very pleased with this exciting opportunity for increasing revenues to the company and are in the process of negotiating many concerts, theatrical shows and other events." Said Gary Becker President National Hospitality Management Services.
About IBAC Corporation: (PINK SHEETS:ICAN). IBAC Corporation, a food and beverage services/restaurant holding company based in New York, N.Y. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services, The Royal Arkansas Hotel & Suites & Royal Entertainment Group IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
About the Industry: The restaurant/food and beverage services market represents more than $350 billion in the U.S. with growth rates expected of 4.8 percent to 5.2 percent within the next year.
Forward Looking Statements: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the restaurant industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: IBAC Corporation
IBAC Corporation
Investor Relations, 718-891-8188
Investorrelations@ibaccorp.com
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