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Post by Warren on Jan 12, 2005 23:40:49 GMT -5
IBAC Corporation Receives an Unsolicited Offer for the Sanibel Restaurant Group, Inc.
1/10/2005 9:05:00 AM
FT MEYERS, Fla., Jan 10, 2005 (BUSINESS WIRE) -- The Sanibel Restaurant Group, Inc. a subsidiary of IBAC Corporation (PINK SHEETS:ICAN), announced today that it has received an unsolicited offer for The Sanibel Restaurant Group, Inc.
"This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company" said Karl Wenzel, president of The Sanibel Restaurant Group, Inc.
The company will review the offer and determine if it is in the best interest of the company and its shareholders, The Sanibel Restaurant Group, Inc. upon completion of its contracted obligations will have 135 employees and revenue of 7.5M per year.
Through its operating companies, IBAC Corporation owns/operates and manages restaurants & food and beverage service contracts; the company intends to become a fully reporting company by the end of the second quarter of 2005 with a balance sheet directed towards the nasdaq small cap.
The company is currently negotiating other acquisitions and expect to have completed contracts very shortly. It is the intent of the company to increase its Sanibel brand throughout Florida.
About IBAC Corporation: (PINK SHEETS:ICAN). IBAC Corporation, a food service holding company based in New York,. Operators upscale fine dining establishments and food & beverage service contracts throughout the US. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
About the Industry: The restaurant market represents more than $350 billion in the U.S. with growth rates expected of 4.8 percent to 5.2 percent within the next year.
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
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
Investorrelations@ibaccorp.com
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Post by Warren on Jan 12, 2005 23:41:26 GMT -5
IBAC Corporation Reviews Unsolicited Offer for the Sanibel Restaurant Group, Inc. 1/11/2005 5:43:00 AM FT MEYERS, Fla., Jan 11, 2005 (BUSINESS WIRE) -- The Sanibel Restaurant Group, Inc. a subsidiary of IBAC Corporation (ICAN.PK), announced today that they have reviewed the offer for The Sanibel Restaurant Group, Inc. "This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company, we have reviewed the offer and are negotiating the terms as the offer stands right now it has a net value to the shareholders of 0.03 per share" said Karl Wenzel, president of The Sanibel Restaurant Group, Inc. The company will review the offer and determine if it is in the best interest of the company and its shareholders, The Sanibel Restaurant Group, Inc. upon completion of its contracted obligations will have 135 employees and revenue of 7.5M per year. Through its operating companies, IBAC Corporation owns/operates and manages restaurants & food and beverage service contracts; the company intends to become a fully reporting company by the end of the second quarter of 2005 with a balance sheet directed towards the Nasdaq small cap. About IBAC Corporation: (Pink Sheets: ICAN). IBAC Corporation, a food service holding company based in New York,. Operators upscale fine dining establishments and food & beverage service contracts throughout the US. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. About the Industry: The restaurant market represents more than $350 billion in the U.S. with growth rates expected of 4.8 percent to 5.2 percent within the next year. 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 IBAC Corporation Investor Relations: 718-891-8188 Investorrelations@ibaccorp.com www.ibaccorp.comCopyright (C) 2005 Business Wire. All rights reserved. |
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Post by Warren on Jan 12, 2005 23:41:53 GMT -5
IBAC Corporation Counters Unsolicited Offer for The Sanibel Restaurant Group, Inc.
1/12/2005 2:59:00 PM
FT. MEYERS, Fla., Jan 12, 2005 (BUSINESS WIRE) -- The Sanibel Restaurant Group, Inc., a subsidiary of IBAC Corporation (ICAN.PK), announced today that the Board of Directors has reviewed the offer for The Sanibel Restaurant Group, Inc. and has concluded it inadequate.
"This offer by a fully reporting public company is unsolicited and only reinforces our belief that we are undervalued as a company, the Board of Directors has reviewed the offer and have countered the terms". Said Karl Wenzel President of The Sanibel Restaurant Group.
The company countered the offer based upon the pre tax proceeds to the company. The offer valued at 6.45M would have resulted in a pre tax profit of only 1.25M to the company which is well below industry multiples.
Through its operating companies, IBAC Corporation owns/operates and manages restaurants & food and beverage service contracts; the company intends to become a fully reporting company by the end of the second quarter of 2005 with a balance sheet directed towards the nasdaq small cap.
About IBAC Corporation: (Pink Sheets: ICAN). IBAC Corporation, a food service holding company based in New York,. Operators upscale fine dining establishments and food & beverage service contracts throughout the US. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
About the Industry: The restaurant market represents more than $350 billion in the U.S. with growth rates expected of 4.8 percent to 5.2 percent within the next year.
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.
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Post by lazerboy on Jan 13, 2005 7:19:23 GMT -5
I called Ibac;s office yesterday 1/12/05 and talked to a gentleman -FRED .my question was-when would we get the dividends previously told about in a company pr. He said it would be on FEB 1st/05. for those interested. the number is 718-891 8188. I had no problem getting thru.lazerboy.
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Post by Warren on Jan 13, 2005 8:48:43 GMT -5
They are usually easy to talk to.
I would ask that not everybody call though, as it will drive them nuts.
You should only call after you have exhausted other sourses to get the info you seek and then have your questions inteligently written so you can ask them in a decent manner. This way the conversation becomes somewhat enjoyable for them as well.
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Post by lazerboy on Jan 13, 2005 9:01:10 GMT -5
warren,no offense BUT I don't need you or anyone else telling me when or how to call anyone.
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Post by Warren on Jan 13, 2005 9:19:47 GMT -5
Sorry if I offended you, my wording was lacking, though I did not beleive I was telling you nor anybody else what to do. I was trying to make a suggestion by asking people to use their heads in a nice mannor. I have several relationships with some CEOs and they do not mind answering questions from investors, though at times they have a much different opinion over some of the calls they recieve. I also realize that these boards some times will create a huge volume of calls. YOur info is well appriciated, 100 different investors do not need to call and verify it.
You must also realize their first job is to run the company not spend the day on the phone with investors. If we as investors violate that line of respect for them answering our legitiment questions that we could not easilly looked up in the PRs or found elsware, we will find ourselves talking to Loyolla Group, handling investor relations for ICAN. I do not beleive that would be in our best interest as investors.
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Post by lazerboy on Jan 13, 2005 9:31:27 GMT -5
well warren,just so you know I have had my own business for 36 yrs now thank you & once again you use words like YOU MUST, wrong . I will decide these things for my self.end of subject.
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Post by ToddCT on Jan 13, 2005 10:34:27 GMT -5
well warren,just so you know I have had my own business for 36 yrs now thank you & once again you use words like YOU MUST, wrong . I will decide these things for my self.end of subject. Lazerboy, I don't think Warren meant any disrespect. He has been on the board a long time, and states his opinions very truthfully, (at least as far as I can tell) He does give suggestions all the time, such as when he thinks a stock is a good buy or a sell. You don't need to take his advise, and his advise might be tainted by the fact that he might say to buy only after he does, but they ar his opinions and usually fairly good opinions at that. Don't take offence, people often say things in terms you might not like but they are not attacks. Take everything with a grain of salt, Warren is a good guy, and a very good investor from what I have seen of him. Todd |
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Post by Warren on Jan 13, 2005 11:02:50 GMT -5
Lazerboy, you might want to reread the posts, I beleive there was an apology in there by me.
I beleive I corrected my statements so that you nor anyone else would be offended, while my original thoughts got across to all who read the thread.
I beleive the words, you must, in the instance used, was appropriate, for any one who read the thread.
There is in my opinion, no reason for being confrontational over these matters.
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Post by lazerboy on Jan 13, 2005 11:13:57 GMT -5
warren,no problem,I might have misunderstood ,we're all here to help.now onto better things for all of us. lz
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Post by stevpot99 on Jan 14, 2005 0:31:14 GMT -5
what suprises me the most is todd standing up for warren i never thought I would see that day lol all for the best
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Post by ToddCT on Jan 14, 2005 7:41:26 GMT -5
what suprises me the most is todd standing up for warren i never thought I would see that day lol all for the best Hey now,,,, why do you think I wouldn't stand up for Warren. We disagree on some things, but I respect him and his opinions, as I hope he does mine as well. I love a good argument, and he is one of the few that can hold up one intelligently...... Todd |
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