NEW YORK, Nov. 18, 2004 (PRIMEZONE) -- IBAC Corporation (Pink Sheets:ICAN) announced today that Mr. Karl Wenzel has been named President & Chief Operating Officer of The Sanibel Restaurant Group, Inc.
"I am extremely excited about joining The Sanibel Restaurant Group, a company Positioned for growth within the restaurant/food service sector," said Mr. Wenzel. "Joining The Sanibel Restaurant Group also gives me the opportunity to grow with an aggressive company."
Prior to joining The Sanibel Restaurant Group, Mr. Wenzel served as President of Caleric Corporation a private holding company with interests in the hospitality industry.
Mr. Wenzel has over thirty years of industry experience, with service to the Marriott Corp & Royal-Caribbean Cruise Lines. While receiving his Master Chefs designation in 1971 from the famous Steigenberger Hotel & Management School. Mr. Wenzel was designated by The Chaine des Rotisseurs in Paris and is also a member of the Maitre de Cuisine of France, The Etol of Escoffier, and World Master Association in Singapore. He has also hosted television shows on PBS & The Family Channel and has authored three books published in five different languages.
"Karl is the perfect person to head up the operations of The Sanibel Restaurant Group said Edward W Hayter," President & CEO of IBAC Corporation. "Karl has the vision, the expertise and the experience to help us make even greater progress in our mission to grow the company aggressively."
About IBAC Corporation: (OTC.PK: ICAN). IBAC Corporation, a restaurant holding company based in New York, NY. Operates upscale fine dining establishments and facilities through out the United States. IBAC intends to grow aggressively throughout the next three years, through acquisitions, mergers and the building of new establishments. The company's latest acquisition of a majority interest in National Hospitality Management Services Co., Inc is consistent with our stated growth plan.
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.
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.