IBAC Corporation Addresses Shareholders' Questions & Concerns and Actions Being Taken
IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today issued this announcement regarding several pending corporate actions, announced previously.
The first issue to be addressed is the sale/spin off of the company's restaurants in Florida, at this time the company has a bona fide offer from a qualified purchaser, the issue at hand is compensation, how much cash will the company receive at closing opposed to the acquirer's stock. The company is negotiating feverously for as much cash as possible up front and expects this issue to be resolved within days.
The second issue to be addressed is the acquisition of the Rosswood Country Club in Arkansas; the company has reached an agreeable purchase price with the sellers and the Board of Directors of the selling entity has approved via a unanimous decision to sell to IBAC Corporation with certain contingencies. The company is reviewing all and expects a positive resolution, with the end result of the company becoming the owner of the property very soon.
The third issue to be addressed is the company moving to the OTCBB. The company has previously stated it is their intent to become a fully reporting company via a reverse merger into a fully reporting OTCBB company. The company has identified 3 possibilities and has chosen the one it feels is best suited towards its needs. After certain requirements are met, the company expects a successful merger very soon.
'The company obviously cannot divulge all aspects of ongoing deals, what I have tried to do is give a definitive overview of where we are at this time; I expect all of these situations to become reality and many other ongoing negotiations to come to fruition,' said Wayne Burmaster, President IBAC Corporation.
The second issue to be addressed is the acquisition of the Rosswood Country Club in Arkansas; the company has reached an agreeable purchase price with the sellers and the Board of Directors of the selling entity has approved via a unanimous decision to sell to IBAC Corporation with certain contingencies. The company is reviewing all and expects a positive resolution, with the end result of the company becoming the owner of the property very soon.
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The third issue to be addressed is the company moving to the OTCBB. The company has previously stated it is their intent to become a fully reporting company via a reverse merger into a fully reporting OTCBB company. The company has identified 3 possibilities and has chosen the one it feels is best suited towards its needs. After certain requirements are met, the company expects a successful merger very soon.
'The company obviously cannot divulge all aspects of ongoing deals, what I have tried to do is give a definitive overview of where we are at this time; I expect all of these situations to become reality and many other ongoing negotiations to come to fruition,' said Wayne Burmaster, President IBAC Corporation.
