NEW YORK, Nov. 18, 2004 (PRIMEZONE) -- IBAC Corporation (Pink Sheets:ICAN), a restaurant owner/operator and management company, today announced that it has signed the contracts (which are subject to due diligence) to acquire a majority interest in National Hospitality Management Services Co., Inc. as previously announced.
"This acquisition is consistent with our stated objectives to grow the business through mergers and acquisitions," said Edward W Hayter, IBAC president and CEO. "The superior quality of this asset and its desirable location make it a natural fit for our portfolio."
The acquisition consists of a management company that will operate two restaurants, lounge and over eight thousand square feet of banquet space within a major hotel. The Hotel is part of the Pine Bluff Convention Center complex in Pine Bluff, Arkansas the anticipated gross revenue to the company should be in excess of four million dollars a year. Subject to the forward looking statements below.
About IBAC Corporation: (Pink Sheets: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 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.