The Golden Lounge

[ORCA]

ICAN .0002.More news,goals of becoming a 100M per year company within
three years.(BSNS WIRE) IBAC Corporation to Negotiate an Increase to Their Existing Credi
Facility for up to 20M Dollars for Further Acquisiti
IBAC Corporation to Negotiate an Increase to Their Existing Credit Facility for
p to 20M Dollars for Further Acquisitions

Business Editors

NEW YORK--(BUSINESS WIRE)--May 16, 2005--
IBAC Corporation (Pink Sheets:ICAN), a Hospitality,
Restaurant, Food & Beverage Service, and Entertainment Holding
Company, today announced that its Board of Directors has approved the
go ahead to negotiate an increase to its credit facilities for up to
20M dollars from a group of private investor/lender's and Banks.
"We are very excited about this proposed increase to our credit
facility as this will allow us to accelerate certain proposed deals we
have been looking at and to seek additional acquisitions for the
company," said IBAC's Chairman Edward W. Hayter. "We feel that with
our solid performance, strong outlook and cash flow that now is a good
time to complete other certain deals that we have been looking at and
that are on the table now, to grow the company."
The company continues to pursue additional acquisitions as to
reach our stated goals of becoming a 100M per year company within
three years. This credit facility has been put in place for additional
acquisitions we have in place and does not affect current contracted
acquisitions.

This press release contains forward-looking statements regarding
current expectations, risks and uncertainties for future periods. The
actual results could differ materially from those discussed herein due
to a variety of factors such as changes in customer demand for its
products, cancellation of certain agreements by significant customers,
material increases in the cost of inventory, competition in the
Company's businesses, or an inability of management to successfully
reduce operating expenses in relation to net sales without damaging
the long-term direction of the Company. The Company assumes no
responsibility to update the forward-looking statements contained in
this press release.



KEYWORD: NORTH AMERICA NEW YORK UNITED STATES
INDUSTRY KEYWORD: TRAVEL LODGING PROFESSIONAL SERVICES BANKING RETAIL RESTAURANT
CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE FUNDING
SOURCE: IBAC Corporation


CONTACT INFORMATION:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: [phone]
[e-mail]

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