SOURCE: IBAC Corporation

April 18, 2007 09:03 ET

IBAC Corporation Opens Negotiations to Sell Its 51% Interest in the Memphis Hotel & Restaurant Property

NEW YORK, NY -- (MARKET WIRE) -- April 18, 2007 -- IBAC Corporation (PINKSHEETS: IBCX) the New York-based hospitality provider today announced it has opened significant negotiations to sell its 51% stake in the Memphis Hotel & Restaurant property to a private investment group.

IBAC Corporation is taking this action as it continues to divest itself of assets as part of its plan to reinvigorate and restructure the company's operations and profitability. The company's intention is to end up with a cache of cash to reinvest in more profitable performing investments.

The company anticipates a sales price of between 2.2M and 2.5M for their stake in the property. Upon the completed negotiations the company expects a positive outcome with a deal in place.

"We continue to position the company for positive results and profitability and continue to negotiate deals after the divesture of assets; we expect to strike a major new investment very shortly," said Wayne Burmaster, President IBAC Corporation.

Forward-Looking Statements

Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "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, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.

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