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Restaurant Industry News
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Sunday June 11th, 2006 |
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IBAC Corporation Forms Bonita Springs Restaurant Group, Inc. as a 100% Wholly Owned Subsidiary for the Acquisition of The Sanibel Steakhouse in Bonita Springs, Florida
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IBAC Corporation (PK:IBCX) announced today that they have formed The Bonita Springs Restaurant Group, Inc., a Florida Corporation, as a wholly owned (100%) subsidiary of IBAC for its recently agreed upon acquisition of The Sanibel Steakhouse in Bonita Springs, Florida.
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The company and its advisors are considering a reformatting of the restaurants concept/menu that would be more contusive to the area of which would generate greater revenues, the concept under consideration is a international cuisine theme specializing in such fair as poached Chilean sea bass, porterhouse Florentine, kobe beef, tuna sashimi, spaghettini puttanesca and other high end cuisine.
The company believes that with the addition of menu selections that this location can generate upwards of three million dollars a year and will create a new sense of excitement and increased traffic for the establishment.
"We are thrilled with this acquisition and the potential considering the explosive growth of the Bonita Springs Area and will complete all contracts, lease's and due diligence involved within the next two weeks of the restaurant's inventory, assets and financial statements as the company is eager to take possession of the property as soon as possible. The company is also aggressively pursuing additional restaurants and hotels in the Florida market," stated Wayne Burmaster, President & COO.
About IBAC Corporation:
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Hospitality, Food Service & Restaurant and other industries. IBAC now operates businesses as the majority owner with over 100 employees in Florida, Tennessee & Arkansas that includes a 200 room full service hotel, 127 room limited hotel, 4 restaurants/lounge 10,000 sf of banquet space and the exclusive concession, food, beverage & catering contract with the Pine Bluff Convention Center.
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| More IBAC Corporation News |
| IBAC Corporation Reports December Revenues and Status of Audited Financials |
| IBAC Corporation to Expand its Sanibel Steakhouse Brand |
| IBAC Corporation Reports February Revenues |
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