lj - can toke on this ICAN news
ICAN mgt buyout go private?
(Kinda late to release this? 11:28 pm EST Was this guy
talking about some outside offer while back >$0.01)
News for 'ICAN' - (IBAC Corporation Board of Directors to Explore Management Buyout)
NEW YORK, May 17, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN)
today after the bell announced that the Board of Directors has approved a
requested action to explore bringing the company private via a buyout and has
approved corporate counsel to pursue a management buyout that would return to
the company to the private sector.
Management believes at this point of poor market conditions for its securities
and shareholder discontent that a buyout from management and returning the
company to the private sector would be a solid business decision. The Company
will review all options and act accordingly, with the intent of the company
being a private entity.
"I believe that this is the best course of action at this point since I have a
major investment in this company and the share price has not performed the way I
thought it should. I have advised my counsel to explore all the ways to bring
the company private via buying any and all shares I need to. I respect all
shareholders that have invested in the company and hope they will realize that
this action is in the best interest of the Company," said Edward W. Hayter,
President.
About IBAC Corporation
IBAC Corporation, a food and beverage services/restaurant/hotel/entertainment
holding company based in New York, NY. Operating through its subsidiaries, The
Sanibel Restaurant Group / National Hospitality Management Service/ Monarch
Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites, IBAC
intends to grow aggressively throughout the next three years through
acquisitions, mergers and the building of new establishments.
Pennies not a zero sum game as much as some zero game.
