IBAC Corporation to Meet with Counsel to Finalize Exact Details of Sale/Merger of Subsidiary and Shareholder Dividends
NEW YORK, Mar 09, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets: ICAN) announced today that they will be meeting with counsel to discuss the best and final strategy of the sale/merger of one or all of IBAC's subsidiaries to a fully reporting, OTCBB listed company.
"We will be meeting with specialists and counsel in the coming weeks to finalize the most effective way to complete the sale/merger and dividends distribution," said Edward W. Hayter. "Our company is experiencing exceptional growth and will continue to strive towards maximum value for our shareholders."
Mr. Hayter will be interviewed tomorrow, March 10, 2005, by www.wallstreetreporter.com at 1:30 pm with the interview available to listen to the above mentioned.
The Company's intent is to offer dividends to the common stock holders, which dividends will not be offered to the insider preferred shareholders.
About IBAC Corporation
IBAC Corporation is 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/The Royal Entertainment Group 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:
718-891-8188
IR@ibaccorp.com |
