Only SEVEN months ago, here's what the restuarant's owners had to say. I have no idea what significant events have occured to turn the property around, because PRSU has published news releases on everything except how the business is going.
It is the intent of the company (IBAC) to exit the hospitality industry with significant (as much) cash to reorganize its business and invest in more profitable and less risky businesses. The company has suffered a series of significant losses (in the fourth & first quarter) with the closing of its Royal Arkansas Hotel and other operating losses; the cash the company expects to end up with will be approximately $6,000,000 (six million dollars by its estimates).
"The company has worked very hard to build a profitable and viable hospitality business, we now realize that it must change its business model to succeed, the company believes with the current share structure and current equity in its properties (to be converted to cash) that it is extremely undervalued, 800,000,000 shares divided by $6,000,000 dollars should reflect a significantly greater share price, the current market cap for the company is $80,000 at the bid is significantly less than we paid for one restaurant and is less than the company's monthly payroll , the company will regroup and become stronger and more profitable and carry out its stated business plan since day one a profitable fully reporting company," said Wayne Burmaster, President & COO IBAC Corporation.
In hindsight $80k for the whole company was a bit much, making this one restaurant worth about $20k by the company's own admission. I don't think much has shanged at the Sanibel Palms Steakhouse, the website and menu are the same, the building and furniture are the same, so I'm guessing sales and revenues are about the same too.
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