IBAC Corporation Addresses Shareholders' Questions & Concerns and Actions Being Taken.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today issued this announcement regarding several pending corporate actions, announced previously. The first issue to be addressed is the sale/spin off of the company's restaurants in Florida, at this time the company has a bona fide [Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding. A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being offer from a qualified purchaser, the issue at hand is compensation, how much cash will the company receive at closing opposed to the acquirer's stock. The company is negotiating feverously Fe´ver`ous`ly adv. 1. Feverishly. for as much cash as possible up front and expects this issue to be resolved within days. The second issue to be addressed is the acquisition of the Rosswood Country Club in Arkansas; the company has reached an agreeable purchase price with the sellers and the Board of Directors of the selling entity has approved via a unanimous decision A Unanimous Decision is a winning criterion in several full-contact combat sports, such as boxing, kickboxing, Muay Thai, mixed martial arts and others sports involving striking in which all 3 judges agree on which fighter won the match. to sell to IBAC Corporation with certain contingencies. The company is reviewing all and expects a positive resolution, with the end result of the company becoming the owner of the property very soon. The third issue to be addressed is the company moving to the OTCBB OTCBB See OTC Bulletin Board (OTCBB). . The company has previously stated it is their intent to become a fully reporting company via a reverse merger into a fully reporting OTCBB company. The company has identified 3 possibilities and has chosen the one it feels is best suited towards its needs. After certain requirements are met, the company expects a successful merger very soon. "The company obviously cannot divulge all aspects of ongoing deals, what I have tried to do is give a definitive overview of where we are at this time; I expect all of these situations to become reality and many other ongoing negotiations to come to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. ," said Wayne Burmaster, President IBAC Corporation. |
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