ICAN..Good NEWS out...Radar em...
By: CWY48
16 Feb 2005, 09:00 AM EST
Msg. 539517 of 539528
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ICAN news just released below:
IBAC Corporation after the Bell Yesterday Agreed in Principle to a Spin off of All or Some of Its Assets
NEW YORK, Feb 16, 2005 (BUSINESS WIRE) --
IBAC Corporation (ICAN.PK), a food & beverage/restaurant/hotel company announced today that it has agreed in principle to spin off some or all of its assets to an otcbb company subject to all regulatory approvals & SEC filing requirements.
"The company continues to seek the best use of assets and resources to enhance shareholder value. The spin off of assets should result in a premium to shareholders (to be determined) once the transaction is completed. The terms and conditions of the spin off will be made public upon completion of agreements along with the otcbb company and symbol. The company intends to execute this agreement as a stock dividend with free trading shares of a fully reporting OTCBB company to ICAN shareholders with the effective date to be announced in the near future. The agreement is subject to completion of audited financials of IBAC's assets and all SEC requirements. " Said Edward W Hayter President & CEO
IBAC Corporation currently operates through its majority owned subsidiaries National Hospitality Management Services, The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites the company has some 95 employees and with the addition of the two contracted Sanibel Steakhouses in the near future the company will then have some 175 to 200 employees.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates other current prospects.
About IBAC Corporation: IBAC Corporation, a food and beverage services/restaurant/hotel holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services 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.
About the Industry: The restaurant/food and beverage services market represents more than $350 billion in the U.S. with growth rates expected of 4.8 percent to 5.2 percent within the next year.
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 and hospitality 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:
718-891-8188
Investorrelations@ibaccorp.com |
