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
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
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. (NASDAQ:
MTSX), Applied Digital Solutions, Inc. (NASDAQ: ADSX), and
International Business Machines Corp. (NYSE: IBM).
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for public trading as follows: IBAC Corporation compensation from a
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