Prime Rate Investors Inc. (fka PRRM)

[gambit28]

Hope no one here is in ICAN:

May 17, 2005 23:28:01 (ET)


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.