You are right, thats why i dont sell, I have a bucket load of this stuff and if they are trying to do what they say I will make out like a bandit on this one. Binzur, why dont you just buy the co. out and run it...we would all be happy then :)
IBAC Corporation (OTC: IBCX) - Wednesday's shares increased 4.17% to $0.0025 per share with a total of 17,796,409 shares traded.spinl off /selits restaurants and food service businesses The company approved unanimously to to another publicly traded company, the Board at the same meeting also approved that the remainder of IBAC Corporation's assets and company will move to the OTCBB via a merger with an existing fully reporting OTCBB fully trading shell company. The first action that was approved was the spin/sell off of the company's restaurants and its holdings in its food service businesses, the value of the transaction is expected to be a minimum of $4,500,000 or as high as $5,000,000 dollars with a dividend to be paid to common shareholders in the form of either cash/stock or both. The dividend will be paid to shareholders only and exclude all officers and directors of the company. The company expects the transaction to be ready to close within Thirty (30) days, at that time the company will announce the payment/dividend structure and provide the name and symbol of the new company. The second action that was approved was the merger of IBAC Corporation and the remaining real estate owned assets and future acquisitions into a fully reporting and trading OTCBB company, the surviving entity will include all of IBAC's real estate holdings and will maintain the IBAC name and share structure. The shareholders will receive equal value in the transaction of shares of the merger. Edward W. Hayter the CEO of IBAC and the largest shareholder in the company "said that this plan to maximize the company's asset and shareholder value going forward is the best course of action, I believe that the spinning off of non real estate owned properties and recovering as much cash as possible to reinvest in real estate owned property's and moving the company to the OTCBB are the best way to maximize shareholder value."
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: http://www.ibaccorp.com.
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