IBAC Corporation (Pink Sheets:IBCX), a Hospitality Holding Company, today announced that its Board of Directors will meet Sunday 12/17/06 instead of its previously announced meeting for Monday 12/18/06 to vote on spinning off its restaurants and food service business to another publicly traded company, the Board at the same meeting will also vote on IBAC Corporation moving to the OTCBB via a reverse merger with an existing fully reporting OTCBB trading shell company.
The Board of Directors will be voting for what's in the best interest of the shareholders and the company moving forward.
This change in meeting dates has been prompted by a last minute event that requires the CEO Edward W. Hayter to travel out of town for a meeting on Monday, so that he may finalize an acquisition opportunity that the company has been working on for several months before years end.
The company will release the results of the meeting and the vote and detailed structure, direction as soon after as possible. Mr. Hayter will leave immediately after the meeting as the time frame for completing this acquisition before years end is imperative for tax purposes and others involved holiday schedules.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.