ICAN More news, just can't break the 5's
IBAC Corporation Completes Acquisition of The Royal Arkansas Hotel & Suites, Inc.
February 10, 2005 15:23:00 (ET)
WEST PALM BEACH, Fla., Feb 10, 2005 (BUSINESS WIRE) -- IBAC Corporation (ICAN:PK) today announced the completed acquisition of a majority interest in The Royal Arkansas Hotel & Suites. The acquisition was completed at the law offices of Legal & Compliance, LLC of West Palm Beach, Florida
"We are very pleased with the speed at which this acquisition has been completed with a very special thanks to Laura Anthony, Esq, The Royal Arkansas Hotel & Suites will now be under the IBAC umbrella as a majority owned subsidiary of the company as we continue to grow our company." Said Edward W Hayter
IBAC Corporation currently operates through its subsidiaries National Hospitality Management Services and The Sanibel Restaurant Group and the just added The Royal Arkansas Hotel & Suites the company will have some 95 employees and with the addition of the two contracted Sanibel Steakhouses the company will then have some 175 to 200 employees.
The company is in the initial stages of having an audit performed for the purpose of becoming a fully reporting entity with the intent of either becoming listed on the otcbb or nasdaq small cap exchanges.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates some current prospects.
About IBAC Corporation: (PINK SHEETS:ICAN - News). IBAC Corporation, a food and beverage services/restaurant holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services, 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 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
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