Cal-Bay International Announces Formation of Construction Division: Cal-Bay Construction, Ltd.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) announces the formation of Cal-Bay Construction, Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . The Board of Directors of San Diego-based Cal-Bay International, Inc. today announced the formation of the Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. Cal-Bay Construction, Ltd., a wholly owned subsidiary. Cal-Bay International's Chief Operations Officer announced the news after the Board of Directors concluded it would be more beneficial to Cal-Bay International from a project management and profitability standpoint to create the division to streamline Cal-Bay International's property portfolio for renovations, redevelopment and new construction. The new division will be based in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada and overseen from Cal-Bay International's corporate offices in California. Cal-Bay International currently has two residential projects in its portfolio which require new construction development. The primary property comprises of a 32-acre lakefront development tract in Panguitch Lake Panguitch Lake was originally a large natural lake (777 acres) that has now been expanded by the creation of a 24 foot (7 m) dam to become a reservoir with a maximum surface area of , Utah. Cal-Bay currently owns the property and has completed the engineering plans and blueprints to develop up to 21 luxury hilltop panoramic view detached vacation homes Vacation Home A home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times. Notes: For tax purposes, those who rent their vacation homes may result in a lower amount of allowable expense on the property. (Additionally Cal-Bay currently owns the lakefront lodge adjacent to the property.) The development time from breaking ground to completion is expected to be 2 years. The Additional development property is located in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . Cal-Bay International's current property portfolio comprises of:
OWNED PROPERTIES:
Utah: Panguitch Lake, 12,000 sq. ft. operational lakefront
Lodge
Utah: Panguitch Lake, 32-acre tract for 21 Luxury Vacation
Homes Development
Nevada: Las Vegas, Residential Single Family Residence-Currently
Leased
Florida: West Palm Beach, 289-acre tract for new residential home
development
ESCROWED PROPERTIES:
Nevada: Las Vegas, 11,500 sq. ft. Newly Constructed Warehouse
Facility
California: San Francisco, 2 Lots (Downtown) for Prime residential
redevelopment
The company is currently in negotiations for several additional properties. Cal-Bay International, Inc. is currently a publicly traded real estate acquisition and development company with headquarters in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . Cal-Bay International acquires, develops and manages real estate properties. Opportunity driven, Cal-Bay's philosophy is to grow shareholder value through value propositions with both substantial short and long-term potential. The Company plans to build its asset base and steadily grow revenues through a diversified portfolio of commercial, residential and industrial properties concentrated in geographical areas of highest growth. The Company President re-stated: "Extensive 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. and thorough market research are the foundation for each and every acquisition that must meet the Company's stringent matrix for success. Our management team is experienced, successful and driven to increase shareholder value. Cal-Bay International recognizes the importance of the reputation and integrity of the Company. It is a valuable asset vital to the Company's success. Therefore, the Board of Directors has implemented a Code of Conduct to be adhered to by each and every employee. The purpose of this Code is to encourage a culture of honesty, accountability and mutual respect among all employees to the benefit of our investors." FORWARD LOOKING 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. STATEMENT 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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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