LIE 1
NEW YORK, Jan 25, 2007 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced that it has reached an agreement to sell its Florida restaurants.
The company had been in negotiations for several weeks for the sale and finally reached an agreement yesterday for an all cash price of $4,100,000 the company accepted the slightly lower price than previously announced as it was for all cash and did not involve any stock. The sale is scheduled to close within the next 30 days.
LIE 2
NEW YORK, Dec 16, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced that its Board of Directors will meet Sunday 12/17/06 instead of its previously announced meeting for Monday 12/18/06 to vote on spinning off its restaurants and food service business to another publicly traded company, the Board at the same meeting will also vote on IBAC Corporation moving to the OTCBB via a reverse merger with an existing fully reporting OTCBB trading shell company.
The Board of Directors will be voting for what's in the best interest of the shareholders and the company moving forward.
This change in meeting dates has been prompted by a last minute event that requires the CEO Edward W. Hayter to travel out of town for a meeting on Monday, so that he may finalize an acquisition opportunity that the company has been working on for several months before years end.
The company will release the results of the meeting and the vote and detailed structure, direction as soon after as possible. Mr. Hayter will leave immediately after the meeting as the time frame for completing this acquisition before years end is imperative for tax purposes and others involved holiday schedules.
LIE 3
NEW YORK, Dec 18, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, yesterday Sunday 12/17/06 announced that its Board of Directors has approved unanimously to spin/sell off its restaurants and food service businesses 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.
LIE 4
NEW YORK, Jan 23, 2007 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today issued this announcement regarding several pending corporate actions, announced previously.
The first issue to be addressed is the sale/spin off of the company's restaurants in Florida, at this time the company has a bona fide offer from a qualified purchaser, the issue at hand is compensation, how much cash will the company receive at closing opposed to the acquirer's stock. The company is negotiating feverously for as much cash as possible up front and expects this issue to be resolved within days.
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