IBAC Corporation Reaches an Agreement for the Sale of Its Restaurants
IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced that it has reached an agreement to sell its Florida restaurants.
The company had been in negotiations for several weeks for the sale and finally reached an agreement yesterday for an all cash price of $4,100,000 the company accepted the slightly lower price than previously announced as it was for all cash and did not involve any stock. The sale is scheduled to close within the next 30 days.
"The company expects to reinvest the proceeds into Real Estate owned properties such as more hotels or other commercial properties located within major cities across the country," said Wayne Burmaster, President IBAC Corporation.
"The company expects to reinvest the proceeds into Real Estate owned properties such as more hotels or other commercial properties located within major cities across the country," said Wayne Burmaster, President IBAC Corporation.
