Post by Warren on Feb 16, 2005 14:30:04 GMT -5
Press Release for Ibac Corp
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.
Next read:
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.
Next read:
IBAC Corporation Clarifies Rejection of Recent Purchase Offer
1/27/2005 10:33:00 AM
NEW YORK, Jan 27, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) has recently rejected an offer from a company to purchase The Sanibel Restaurant Group. The potential purchaser valued the offer at $8.45 million, but this valuation was never substantiated by any form of independent review.
The unsolicited oral offer consisted of $1,000,000 cash at closing and a share for share exchange or stock swap agreement with the IBAC shareholders for shares in an OTC Bulletin Board company.
The offer did not contain a bid price per share and was not a tender offer.
IBAC's board of directors believes that the value of its current holdings will increase substantially once the company executes certain contracts and takes possession of two additional restaurants. It is IBAC's opinion that the combined value of the three restaurants with the business of its subsidiary National Hospitality Management will be more beneficial to the company, future growth, and the overall well-being of its shareholders.
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.
Next read todays:
IBAC Corporation after the Bell Yesterday Agreed in Principle to a Spin off of All or Some of Its Assets
2/16/2005 8:57:00 AM
NEW YORK, Feb 16, 2005 (BUSINESS WIRE) -- IBAC Corporation (ICAN.PK), a food & beverage/restaurant/hotel company announced today that it has agreed in principle to spin off some or all of its assets to an otcbb company subject to all regulatory approvals & SEC filing requirements.
"The company continues to seek the best use of assets and resources to enhance shareholder value. The spin off of assets should result in a premium to shareholders (to be determined) once the transaction is completed. The terms and conditions of the spin off will be made public upon completion of agreements along with the otcbb company and symbol. The company intends to execute this agreement as a stock dividend with free trading shares of a fully reporting OTCBB company to ICAN shareholders with the effective date to be announced in the near future. The agreement is subject to completion of audited financials of IBAC's assets and all SEC requirements. " Said Edward W Hayter President & CEO
IBAC Corporation currently operates through its majority owned subsidiaries National Hospitality Management Services, The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites the company has some 95 employees and with the addition of the two contracted Sanibel Steakhouses in the near future the company will then have some 175 to 200 employees.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates other current prospects.
About IBAC Corporation: IBAC Corporation, a food and beverage services/restaurant/hotel holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services and The Royal Arkansas Hotel & Suites IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
Put it together and what do you see.
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.
Next read:
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.
Next read:
IBAC Corporation Clarifies Rejection of Recent Purchase Offer
1/27/2005 10:33:00 AM
NEW YORK, Jan 27, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets:ICAN) has recently rejected an offer from a company to purchase The Sanibel Restaurant Group. The potential purchaser valued the offer at $8.45 million, but this valuation was never substantiated by any form of independent review.
The unsolicited oral offer consisted of $1,000,000 cash at closing and a share for share exchange or stock swap agreement with the IBAC shareholders for shares in an OTC Bulletin Board company.
The offer did not contain a bid price per share and was not a tender offer.
IBAC's board of directors believes that the value of its current holdings will increase substantially once the company executes certain contracts and takes possession of two additional restaurants. It is IBAC's opinion that the combined value of the three restaurants with the business of its subsidiary National Hospitality Management will be more beneficial to the company, future growth, and the overall well-being of its shareholders.
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.
Next read todays:
IBAC Corporation after the Bell Yesterday Agreed in Principle to a Spin off of All or Some of Its Assets
2/16/2005 8:57:00 AM
NEW YORK, Feb 16, 2005 (BUSINESS WIRE) -- IBAC Corporation (ICAN.PK), a food & beverage/restaurant/hotel company announced today that it has agreed in principle to spin off some or all of its assets to an otcbb company subject to all regulatory approvals & SEC filing requirements.
"The company continues to seek the best use of assets and resources to enhance shareholder value. The spin off of assets should result in a premium to shareholders (to be determined) once the transaction is completed. The terms and conditions of the spin off will be made public upon completion of agreements along with the otcbb company and symbol. The company intends to execute this agreement as a stock dividend with free trading shares of a fully reporting OTCBB company to ICAN shareholders with the effective date to be announced in the near future. The agreement is subject to completion of audited financials of IBAC's assets and all SEC requirements. " Said Edward W Hayter President & CEO
IBAC Corporation currently operates through its majority owned subsidiaries National Hospitality Management Services, The Sanibel Restaurant Group and The Royal Arkansas Hotel & Suites the company has some 95 employees and with the addition of the two contracted Sanibel Steakhouses in the near future the company will then have some 175 to 200 employees.
The company continues to aggressively seek additional synergistic acquisitions or mergers to enhance assets and revenue stream while it negotiates other current prospects.
About IBAC Corporation: IBAC Corporation, a food and beverage services/restaurant/hotel holding company based in New York, NY. Operating through its subsidiaries, The Sanibel Restaurant Group and National Hospitality Management Services and The Royal Arkansas Hotel & Suites IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments.
Put it together and what do you see.