I agree with you that flipping is okay, but the flippers have taken it to the level of abuse with ICAN. It has been trading for months between 0.0004 and 0.0001. Now that the CEO clearly desires a higher share price, and is willing to act to get it, I think it will happen. Look into HISC and EPYH when they announced buybacks. They released revenue numbers yesterday, and it is obvious they can spend $500K over 6 months.
BTW NEWS IS OUT:
IBAC Corporation Has Entered into Preliminary Discussions for Ano
her Major Airport Hotel & Restaurant Property
IBAC Corporation Has Entered into Preliminary Discussions for Another Major Airp
rt Hotel & Restaurant Property
Business Editors
NEW YORK--(BUSINESS WIRE)--July 15, 2005--
IBAC Corporation (ICAN:PK) today announced that it has
entered into preliminary discussions for another Airport Hotel &
Restaurant property located in a major metropolitan city.
The company has determined that this potential acquisition
(subject to all due diligence) would be a substantial addition to the
company's portfolio/inventory of rooms. The property consists of 170
interior corridor rooms and a restaurant.
The company yesterday also received its site inspection (and
surrounding areas) at their Memphis property from Denny's Restaurants
regarding its pending application for a franchise at that location.
"We are extremely optimistic that we will be awarded a Denny's
franchise and we will fast track all contractual requirements to open
up shop," said Garry Becker President of all southern operations for
IBAC Corporation.
"The company is intent on becoming a major hospitality company and
will continue to implement its stated objectives and goals
aggressively. We will continue to communicate all company events as
they unfold as the company is on a fast tract to achieve its stated
goals, this is a fledging company with momentum and the future is
bright. We have built this company to where it is while enduring start
up costs and rapid growth pains, in just nine short months the company
has gone from a dormant non operating company to over 100 employees in
three states, I have personally invested over 3.5M cash in this
company and am the largest shareholder and I am committed to the
company's success, as I have stated we will continue to grow our
assets & revenues and achieve all of our stated goals aggressively,"
said Edward W. Hayter, President & CEO of IBAC Corporation.
About IBAC Corporation:
IBAC Corporation is a New York-based holding company operating
through its subsidiaries within the Hospitality, Food Service &
Restaurant and other industries. IBAC now operates businesses and
employs over 100 people in Florida, Tennessee & Arkansas that includes
a 200 room full service hotel, 127 room limited hotel, 7
restaurants/lounge (2 pending closing already contracted) 10,000 sf of
banquet space and the exclusive concession, food, beverage & catering
contract with the Pine Bluff Convention Center.
IBAC operates through its subsidiaries, The Sanibel Restaurant
Group/The Royal Arkansas Hotel & Suites/National Hospitality
Management Services/Monarch Entertainment Group Worldwide; IBAC
intends to grow aggressively throughout the next three years, through
acquisitions, mergers and the building of new establishments. Visit
the company website at www.ibaccorp.com
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
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.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES
INDUSTRY KEYWORD: TRAVEL LODGING RETAIL FOOD/BEVERAGE RESTAURANT
SOURCE: IBAC Corporation
CONTACT INFORMATION:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
Investorrelations@ibaccorp.com
www.ibaccorp.com
AI
