ICAN.0002.Midnight Alert BUYOUT News:So 12 Billion O/S let us say if BUYOUT is 15$ to $20 million that per share=from .00125 to .00166=From .0002 price now=a 500% to 700% return with the above numbers.Should be interesting tomorrow.
(COMTEX) B: IBAC Corporation Board of Directors to Explore Management Buyo
t
B: IBAC Corporation Board of Directors to Explore Management Buyout
NEW YORK, May 17, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN)
today after the bell announced that the Board of Directors has approved a
requested action to explore bringing the company private via a buyout and has
approved corporate counsel to pursue a management buyout that would return to
the company to the private sector.
Management believes at this point of poor market conditions for its securities
and shareholder discontent that a buyout from management and returning the
company to the private sector would be a solid business decision. The Company
will review all options and act accordingly, with the intent of the company
being a private entity.
"I believe that this is the best course of action at this point since I have a
major investment in this company and the share price has not performed the way I
thought it should. I have advised my counsel to explore all the ways to bring
the company private via buying any and all shares I need to. I respect all
shareholders that have invested in the company and hope they will realize that
this action is in the best interest of the Company," said Edward W. Hayter,
President.,
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 Service/ 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.
Forward Looking Statements: This information includes forward-looking statements
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties including, but not
limited to, the impact of competitive products, the ability to meet customer
demand, the ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic and business conditions, and the ability
to attract and retain skilled personnel as related to the restaurant industry.
The Company is not obligated to revise or update any forward-looking statements
in order to reflect events or circumstances that may arise after the date of
this release.
SOURCE: IBAC Corporation
CONTACT: IBAC Corporation
Investor Relations, 800-275-8201
IR@Ibaccorp.com
Copyright Business Wire 2005
-0-
KEYWORD: United States
North America
New York
INDUSTRY KEYWORD: Entertainment
Other Entertainment
Travel
Lodging
Retail
Food/Beverage
SUBJECT CODE: Contract/Agreement
*** end of story ***
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