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11/24/06 12:53 PM

#2838 RE: brokestocker #2837

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WANG

11/24/06 12:54 PM

#2839 RE: brokestocker #2837

No idea when.

IBAC Corporation Updates Status of Audited Financials
Tuesday November 21, 10:04 am ET


NEW YORK--(BUSINESS WIRE)--IBAC Corporation (Pinksheets:IBCX - News) announced today that it has a final draft of its audited financial statements and after review will release them to the public.
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"The company and the shareholders have waited a long time for this moment and we are now very excited that now we will be able to become a fully reporting company and file to move up to the OTCBB." Said Wayne Burmaster President

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.



Contact:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
ir@ibaccorp.com
www.ibaccorp.com