Market Pulse Breaking News Alert for Wednesday, October 20, 2004: ICAN - IBAC Corporation Has Executed Contracts to Acquire the Sanibel Restaurant Group, Inc. as Previously Announced by a Definitive Letter of Intent! NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Market Pulse. ATLANTA, GA -- (MARKET WIRE) -- 10/20/04 -- Market Pulse News Alert for this AM, Stocks to Watch are: IBAC Corporation (OTC: ICAN), Metal Storm Ltd. (NASDAQ: MTSX), Applied Digital Solutions, Inc. (NASDAQ: ADSX), and International Business Machines Corp. (NYSE: IBM). Investors need to be watching IBAC Corporation (OTC: ICAN) this AM! IBAC Corp. is a restaurant holding company that owns, operates and manages premier, upscale fine dining establishments throughout the eastern seaboard. ICAN, through the brand development of its network of wholly owned subsidiaries, intends to capitalize on the growing margins existing in the restaurant industry. ICAN had excellent news out after yesterday's bell regarding its acquisition! This could be excellent news for investors! IBAC Corporation (OTC: ICAN), a restaurant owner/operator and management company, today announced that it has signed the contracts (which are subject to audit) to acquire a majority interest in The Sanibel Restaurant Group, Inc. as previously announced. "This acquisition is consistent with our stated objectives to broaden our growth horizons by entering the fine dining business," said Edward W. Hayter, IBAC president and CEO. "The superior quality of this asset and its desirable locations make it a natural fit for our portfolio." The acquisition consists of three upscale steakhouses located in Ft. Meyers, Bonita Springs & Naples, Florida. The acquisition is a three phase contract with the first of the restaurants scheduled to close on or before December 31, 2004 upon completed acquisition of all three restaurants the anticipated gross revenue to the company should be in excess of eight million dollars a year. About IBAC Corporation: (OTC: ICAN). IBAC Corporation, a restaurant holding company based in New York, NY. will operate upscale fine dining establishments through out the eastern seaboard. 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 The Sanibel Restaurant Group, Inc. is the first phase of our three-year 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. Stocks acting well as of late include: Metal Storm Ltd. 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Market Pulse Breaking News Alert for Wednesday, October 20, - a
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