Restaurant News Resource - IBAC Corporation Restaurant Industry News

IBAC Corporation (IBCX.PK), sole owner of The Sanibel - Palms Steakhouse and Cozze in Florida, announced today that it expects the previously announced sale of the two restaurants to be completed as previously announced.

IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced that it has reached an agreement to sell its Florida restaurants.

IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today issued this announcement regarding several pending corporate actions, announced previously.

IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced it has entered into two significant sponsorship agreements for its Florida restaurants.

IBAC Corporation (Pinksheets: IBCX) today announced that it has entered into negotiations to acquire its restaurant operations, the proposed acquisition if accepted, would be to another publicly traded company and include a share distribution (payout) to the IBAC shareholders.

IBAC Corporation (PK:IBCX) announced today that they have formed The Bonita Springs Restaurant Group, Inc., a Florida Corporation, as a wholly owned (100%) subsidiary of IBAC for its recently agreed upon acquisition of The Sanibel Steakhouse in Bonita Springs, Florida.

IBAC Corporation (ICAN.PK) today announced revenues for the month of December for The Sanibel Restaurant Group, Memphis Ramada Hotel and The Royal Arkansas Hotel & Suites of $352,523.50 combined, total revenue for the year of $3,974,964.00. These revenue figures are compiled from internal company accounting/bookkeeping and are subject to audit by the company's independent accountants/auditors.

IBAC Corporation (ICAN.PK) today announced that it will expand its Sanibel Steakhouse brand to Arkansas and Tennessee.

IBAC Corporation (Pink Sheets:ICAN) today reported February 2005 revenues of $415,971.98 combined for The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites compared to January combined revenues of $245,872.27.