Mechanicsburg, PA - Innovative Building Systems, LLC (IBS) (www.innovativebuildingsystems.com) announced today that the landlord of several of the Company’s manufacturing facilities has sent the Company a Notice of Termination of Lease. The Company disputes the Notice of Termination of Lease but this has impaired its ability to continue the negotiations it has been engaged in for the last several months with its senior secured creditor, alternative lenders, as well as potential buyers, regarding the Company’s existing credit facilities, additional credit facilities and the possible sale of the Company.
The management of IBS is continuing to explore all options for the continuation of the Company as a going concern, but as a result of the lease termination, IBS may be forced to discontinue operations unless an immediate buyer of the Company assets is obtained.
About Innovative Building Systems
Innovative Building Systems (IBS) is the leading custom modular home producer in the U.S., operating factories in Maine, Pennsylvania, Virginia, Indiana, and Iowa. Through its subsidiaries it markets its single family homes under the following brand names: Excel Homes, All American Homes, Keiser Homes, Future Homes, Epoch Homes, Modukraf Homes, and HandCrafted Homes. It’s multi-family and commercial buildings are constructed at all five facilities under the brand Innovative Design and Building Services, LLC (IDBS).
Innovative Building Systems Phil Hickman
800-345-6767 Extension 2282
Jolene Myers 717-458-1412