IBAC Corporation Memphis Airport Hotel Updates Progress at its Property.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn. -- IBAC Corporation (ICAN ICAN International Cesarean Awareness Network Inc ICAN Integrated Composite Application Network (SeeBeyond) ICAN Institute of Chartered Accountants of Nigeria ICAN Idaho Community Action Network :PK) today announced an update to the hotel's change of franchise to a Day's Inn and the pending Denny's franchise application for the restaurant parcel. The Company, after significant review of several Brand Franchises determined that Days Inn Worldwide would be a perfect fit for the Memphis property and has been approved for said franchise pending certain upgrades that are underway. At this time we expect these required upgrades to be completed shortly. The conversion to a Days Inn Brand brings a state of the art worldwide reservation system with the backing of its parent company Cendant thus bringing significant additional value to the property. The Company has been unable to reach an agreement with Denny's for a franchise at its property and has elected to pursue a Country Kitchen franchise www.countrykitchenrestaurants.com. The Company has been preliminarily approved for said franchise and is working towards the completion of said deal. Copies of the pre approval letter can be viewed at the company's web site www.ibaccorp.com/message.php under presidents letter. The Company is committed to the opening of the restaurant at the property as it will add significant revenue to its Memphis property. "These are major steps towards enhancing the value of this property and will generate increased revenues for the company at this location, this is just one aspect of our overall strategy to maximize asset value and revenues at this property. We are currently considering additional hotel/restaurant properties to purchase at this time and will announce them upon completion of a deal. I would like to wish everyone a very Happy & Healthy Holiday Season," said Garry Becker, President of the Southern Hospitality Division. About IBAC Corporation: IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant and other industries. IBAC now operates businesses and employs over 100 people in Florida, Tennessee & Arkansas that includes a 200 room full service hotel, 127 room limited hotel, 7 restaurants/lounge (2 pending closing already contracted) 10,000 sf of banquet A banquet is a large public meal or feast, complete with main courses and desserts. It usually serves a purpose, such as a charitable gathering, a ceremony, or a celebration. Sometimes a banquet consists of only desserts, but it is advisable to include main courses as well. space and the exclusive concession, food, beverage & catering contract with the Pine Bluff Convention Center The Pine Bluff Convention Center is a convention center located in Pine Bluff, Arkansas. It consists of the following facilities:
IBAC operates through its subsidiaries, The Sanibel Restaurant Group/The Royal Arkansas Hotel & Suites/National Hospitality Management Services/Monarch Entertainment Group Worldwide; IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. Visit the company website at www.ibaccorp.com. Forward Looking Statements: This information includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to revise or update any forward-looking statements in order to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date of this release. |
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