ICAN .0002.News. (BSNS WIRE) IBAC Corporation to Bid at Auction for Prime Hotel & Free Standin
Restaurant on Prime Land
IBAC Corporation to Bid at Auction for Prime Hotel & Free Standing Restaurant on
Prime Land
Business Editors
NEW YORK--(BUSINESS WIRE)--May 16, 2005--
IBAC Corporation (OTC:ICAN) today announced that the
company will be an active bidder at the auction of a 127 room hotel
and a free standing restaurant located on prime real estate near the
Memphis Airport in Memphis, Tennessee.
IBAC Corporation has already registered as a bidder and has
tendered the required $100,000.00 cash deposit.
Property Description - 127 room Ramada Inn with adjacent
restaurant located less than 1/2 mile off I-240 at Exit 24, near the
airport. Hotel consists of 6 floors: 45 double, 82 kings and 6 kings
studios. Interior corridors. Property built in 1986. Has on-site
laundry facilities, sundries shop, outdoor pool, 2 conference rooms
and 2 Dover elevators. 200 +/- paved parking spaces.
The auction is to take place on May 25, 2005 and the Company will
be represented at the auction by Mr. Edward W. Hayter President of
IBAC and Mr. Gary Becker President of IBAC subsidiary The Royal
Arkansas Hotel & Suites. Mr. Becker has already inspected the property
and Mr. Hayter will look at it a day before the auction.
"We are very eager to acquire this property as it is only a two
hour distance from the other company owned Hotel in Pine Bluff,
Arkansas, it will also add significant additional revenues and rooms
and another restaurant to the companies operations," said Gary Becker,
President The Royal Arkansas Hotel & Suites.
"The Company will continue to pursue other acquisitions along the
lines of undervalued/mismanaged properties at a discounted cost, the
company has the ability to act fast on transactions of this nature, do
to the companies access to cash," said Edward W. Hayter President of
IBAC.
About IBAC Corporation
IBAC Corporation, a food and beverage
services/restaurant/hotel/entertainment holding company based in New
York, NY. Operating through its subsidiaries, The Sanibel Restaurant
Group / National Hospitality Management Services/ Monarch
Entertainment Group Worldwide and The Royal Arkansas Hotel & Suites
IBAC intends to grow aggressively throughout the next three years,
through acquisitions, mergers and the building of new establishments.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by IBAC
Corporation) contains statements that are forward-looking, such as
statements relating to the future anticipated direction of the
restaurant/hospitality/entertainment industry, plans for future
expansion, various business development activities, planned capital
expenditures, future funding sources, anticipated sales growth and
prospective dealings and joint venture projects. Such forward-looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of IBAC. These risks
and uncertainties include, but are not limited to, those relating to
development and expansion activities, dependence on existing
management, financing activities, domestic and global economic
conditions, and changes in federal or state tax laws.
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES
INDUSTRY KEYWORD: TRAVEL DESTINATIONS LODGING RETAIL RESTAURANT CONSTRUCTION &AM
; PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: IBAC Corporation
CONTACT INFORMATION:
IBAC Corporation
Investor Relations, 800-275-8201
ir@ibaccorp.com
www.ibaccorp.com
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