Post by Warren on Feb 24, 2005 9:19:01 GMT -5
IBAC Corporation Subsidiary Secures Additional Credit Facilities for The Royal Arkansas Hotel & Suites
2/24/2005 8:58:00 AM
PINE BLUFF, Ark., Feb 24, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets: ICAN), two leading financial services companies have provided The Royal Arkansas Hotel & Suites, Inc. additional credit facilities creating a combined $1 million dollar credit facility available to the company, to be designated as a standby working capital line of credit and a new term loan.
"We are pleased to enter into a new banking relationship with Simmons First National Bank and our continued relationship with Zions National Bank, our company is very pleased with the additional credit facilities as this will help us foster our growth, we are firm believers in the value of securing debt capital as an adjunct to equity financing, so we are delighted to have received these additional credit facilities, we considered a couple of alternatives when it came to choosing banking partners, but we came to the conclusion that these financial institutions are the right institutions for us," said Gary Becker, President The Royal Arkansas Hotel & Suites.
The company has retained the Reed Architectural Firm to design certain exterior and interior upgrades to the Hotel & Restaurants, a new state of the art ($75,000.00) phone system has also been recently installed and bids are being excepted for 300 new televisions and other upgrades as part of an ongoing project to enhance the property value and provide maximum comfort for our guests.
About The Royal Arkansas Hotel & Suites
Pine Bluff`s only full service hotel. The Royal Arkansas Hotel & Suites features a beautiful 5 Story Atrium Lobby, 200 Over-sized Guest Rooms that feature King or Twin- Queen Beds plus Suites with Microwaves, Mini-Refrigerators, Hair Dryers, Irons, Ironing Boards and Coffeemakers. The Hotel features all day Dining in its Lobby Restaurant and also opening soon an Italian Restaurant & Steakhouse, plus a Lounge open nightly (except Sundays) and an Indoor Pool. The Hotel was built in 1989 by Kemmons Wilson the founder of Holiday Inn. And is part of the Pine Bluff Convention Center Complex.
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.
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
IR@Ibaccorp.com
Copyright (C) 2005 Business Wire. All rights reserved.
2/24/2005 8:58:00 AM
PINE BLUFF, Ark., Feb 24, 2005 (BUSINESS WIRE) -- IBAC Corporation (Pink Sheets: ICAN), two leading financial services companies have provided The Royal Arkansas Hotel & Suites, Inc. additional credit facilities creating a combined $1 million dollar credit facility available to the company, to be designated as a standby working capital line of credit and a new term loan.
"We are pleased to enter into a new banking relationship with Simmons First National Bank and our continued relationship with Zions National Bank, our company is very pleased with the additional credit facilities as this will help us foster our growth, we are firm believers in the value of securing debt capital as an adjunct to equity financing, so we are delighted to have received these additional credit facilities, we considered a couple of alternatives when it came to choosing banking partners, but we came to the conclusion that these financial institutions are the right institutions for us," said Gary Becker, President The Royal Arkansas Hotel & Suites.
The company has retained the Reed Architectural Firm to design certain exterior and interior upgrades to the Hotel & Restaurants, a new state of the art ($75,000.00) phone system has also been recently installed and bids are being excepted for 300 new televisions and other upgrades as part of an ongoing project to enhance the property value and provide maximum comfort for our guests.
About The Royal Arkansas Hotel & Suites
Pine Bluff`s only full service hotel. The Royal Arkansas Hotel & Suites features a beautiful 5 Story Atrium Lobby, 200 Over-sized Guest Rooms that feature King or Twin- Queen Beds plus Suites with Microwaves, Mini-Refrigerators, Hair Dryers, Irons, Ironing Boards and Coffeemakers. The Hotel features all day Dining in its Lobby Restaurant and also opening soon an Italian Restaurant & Steakhouse, plus a Lounge open nightly (except Sundays) and an Indoor Pool. The Hotel was built in 1989 by Kemmons Wilson the founder of Holiday Inn. And is part of the Pine Bluff Convention Center Complex.
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.
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
IR@Ibaccorp.com
Copyright (C) 2005 Business Wire. All rights reserved.