Cal-Bay $8M Mortgage Position To Mature As National Developer Closes Escrow On Florida Property.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Cal-Bay International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBAY) today announced Cal-Bay's first mortgage position on the 289 Acre Parcel of Land in West Palm Beach, Fla., was due to mature as escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. on the property closed with one of the nations largest Home Builders and Developers. Cal-Bay's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented that Cal-Bay purchased the first mortgage position in late 2005 and was aware of the pending contract with the National Home Builder and Developer. Proceeds to Cal-Bay from the distribution of funds are expected to be in the region of $8M after costs and legal fees. Cal-Bay will return to Investors who assisted in the capitalization of the project approximately $2M including Interest, which will net the Company in the region of $6M cash. Cal-Bay's President further commented the funds would be used specifically for the development of existing properties and the acquisition of additional properties to expand the company's property portfolio and increase revenues from rentals and leases. About Cal-Bay International, Inc. (OTCBB:CBAY) Cal-Bay International, Inc., a leading edge real estate acquisition corporation, acquires, develops and manages a diversified portfolio of commercial, industrial, residential and resort properties in high-growth geographic areas. The company has acquired a $22.5 million portfolio of properties with an equity position exceeding $12 million in addition to a full pipeline of projects under contract. Each property must pass Cal-Bay's stringent 10-Step Success Matrix, a proprietary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process and comprehensive market evaluation, prior to acquisition. In addition to trading on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. , the company has obtained a listing (CB3A) on the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. , the world's third largest trading center. Cal-Bay International's management team is experienced, successful and driven to increase shareholder value. For more information, visit www.calbayinternational.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties. The Company assumes no obligation to update any of the forward-looking statements in this release. |
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