Post by Warren on Jan 26, 2005 13:15:18 GMT -5
National Hospitality Management Services to Hold a Joint Press Conference Tomorrow to Announce Contract Signing
Business Wire - January 26, 2005 08:57
PINE BLUFF, Ark., Jan 26, 2005 (BUSINESS WIRE) -- National Hospitality Management Services a subsidiary of IBAC Corporation (PINK SHEETS: ICAN) and the Pine Bluff Civic Auditorium Complex Commission (www.pinebluffonline.com) will hold a joint press conference on Thursday, January 27, to announce the awarding of the Exclusive Food, Beverage, Banquet Catering and Concession Agreement for the entire complex to National Hospitality Management Services.
The term of the contract is for (5) years with (4) successive options to renew for a term of (5) years each. The commission also agreed that it will not permit the sale of food, beverage, banquet, catering and concession services at the Convention Center by any other person, firm corporation, or entity other than National Hospitality Management Services while the agreement is in effect. The commission also granted the company exclusive rights the Banquet Hall Kitchen and all equipment.
"We are extremely excited about the awarding of this contract to our company as it will increase revenues by 4-5 million dollars and increase our operations in Arkansas above our existing (2) restaurants (1) lounge and 10,000 sq ft of banquet space." Said Gary Becker President of National Hospitality Management Services.
About National Hospitality Management Services, the company manages two restaurants a lounge and ten thousand square feet of banquet space and is a subsidiary of IBAC Corporation with plans to grow the company aggressively through bidding on contracts within the food and beverage services industry at Convention Centers/Arenas and Major Facilities through out the United States.
About IBAC Corporation: (PINK SHEETS: ICAN). IBAC Corporation, a food and beverage services/restaurant holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services, IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
About the Industry: The restaurant/food and beverage services 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
www.ibaccorp.com
Business Wire - January 26, 2005 08:57
PINE BLUFF, Ark., Jan 26, 2005 (BUSINESS WIRE) -- National Hospitality Management Services a subsidiary of IBAC Corporation (PINK SHEETS: ICAN) and the Pine Bluff Civic Auditorium Complex Commission (www.pinebluffonline.com) will hold a joint press conference on Thursday, January 27, to announce the awarding of the Exclusive Food, Beverage, Banquet Catering and Concession Agreement for the entire complex to National Hospitality Management Services.
The term of the contract is for (5) years with (4) successive options to renew for a term of (5) years each. The commission also agreed that it will not permit the sale of food, beverage, banquet, catering and concession services at the Convention Center by any other person, firm corporation, or entity other than National Hospitality Management Services while the agreement is in effect. The commission also granted the company exclusive rights the Banquet Hall Kitchen and all equipment.
"We are extremely excited about the awarding of this contract to our company as it will increase revenues by 4-5 million dollars and increase our operations in Arkansas above our existing (2) restaurants (1) lounge and 10,000 sq ft of banquet space." Said Gary Becker President of National Hospitality Management Services.
About National Hospitality Management Services, the company manages two restaurants a lounge and ten thousand square feet of banquet space and is a subsidiary of IBAC Corporation with plans to grow the company aggressively through bidding on contracts within the food and beverage services industry at Convention Centers/Arenas and Major Facilities through out the United States.
About IBAC Corporation: (PINK SHEETS: ICAN). IBAC Corporation, a food and beverage services/restaurant holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services, IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
About the Industry: The restaurant/food and beverage services 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
www.ibaccorp.com