IBAC Corporation to Expand its Sanibel Steakhouse Brand
IBAC Corporation (ICAN.PK) today announced that it will expand its Sanibel Steakhouse brand to Arkansas and Tennessee.
The company will expand its Sanibel Steakhouse brand to its Royal Arkansas Hotel & Suites location in Arkansas and its newly acquired Ramada Inn property in Memphis, Tennessee, each location will be 5000 square feet plus and will feature the same quality operations and format as the current Ft. Myers location.
The addition of these locations on company owned property will increase the Sanibel brand to two new states and heighten the brand's awareness; this will bring the companies Sanibel restaurant operations to five locations in three states upon completion of the build outs and the final two acquisitions of the Sanibel Steakhouses in Bonita Springs (to close August 15, 2005) and Naples, Florida.
"We are extremely pleased to be able to add these two locations to our Sanibel Steakhouse portfolio especially Memphis, Tennessee as this location is a free standing building located in an extremely high traffic area and just 2 miles from the world famous home of Elvis Presley (Graceland)," stated Edward W Hayter, President and CEO of IBAC Corporation. "The company will continue to acquire additional hotel properties in other states that can accommodate a Sanibel Steakhouse as we continue to grow our operations."
About IBAC Corporation: (Pink Sheets:ICAN). IBAC Corporation, through its operating subsidiaries, The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites/National Hospitality Management Services/Monarch Entertainment Group Worldwide, IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
Logos, product and company names mentioned are the property of their respective owners.
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