Replies to post #18347 on CASH COW

[DAVE_007]

if wife ever gets home we're going to walmart..

until then I will knock around here..

getting nervous..out of coffee..LOL..

:I

[sludgehound]

ICAN PR near Graceland

Wednesday, May 25, 2005 18:24 ET

IBAC Corporation (PINK SHEETS:ICAN) today announced that the company was the successful high bidder for the 127 room Ramada Airport Hotel in Memphis, Tennessee (Two Miles From Elvis Presley's Graceland) along with a separate parcel that includes a free standing restaurant (5000 square feet) as one package, the winning bid was $1,725,000 plus auctioneer's fees to be paid in cash, the company will take possession on June 28, 2005.

"We are very excited about the addition of this Memphis property to our portfolio, the location and proximity to the Memphis airport and Graceland is simply wonderful along with being located only two hours from our Pine Bluff location it is a very manageable situation." Said Gary Becker President The Royal Arkansas Hotel & Suites

"I am very happy with the win at this auction as we were able to obtain a property that we coveted substantially below market value, we were determined to bring this prime property into our portfolio and we did, this property will add significant additional revenues and exposure in a major market." Edward W Hayter President IBAC Corporation

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

IBAC Corporation
Investor Relations, 800-275-8201
[e-mail]

Copyright Business Wire 2005