Cal-Bay International Announces Funding Approval for $400M Southern Louisiana Residential/Commercial Golf Course Development Project.
Cal-Bay Internationals Board of Directors today announced the company has successfully acquired funding approval from a recognized financial institution and has completed the final due diligence phase of the company's planned acquisition of the Lafayette, Southern Louisiana golf course development property that has been in transition since the last quarter of 2006.
The 177 acre, mixed use residential and commercial golf course development is mapped to include the construction of 500-1000 single family residences simultaneously with a 10 acre commercial/retail facility development. The project has been approved for development, and the initial phases of residential construction were initiated in 2006.
Construction financing has been secured by Cal-Bay for the project by a recognized financial institution and the project is expected to restart as soon as the acquisition has been formally closed by Cal-Bay.
Company VP Bill Sickert quoted: "This project represents Cal-Bay's largest single development acquisition to date and we are very excited to begin construction shortly after closing. We fully expect that this will create a substantial new asset base for the company, investors and shareholders. As we work to enhance company valuation through beneficial acquisitions such as this. The addition of this project to our portfolio of residential and commercial properties will add substantially to the underlying book value of the company. This is an important step in the structuring of Cal-Bay to place it into a position to be able to grow its portfolio of assets into the future. Our shareholders can look forward to more announcements in the coming months regarding our commitment to increasing shareholder value as a result of our continued efforts. This project is expected to generate $400M in revenue over the next 3 years and is expected to add $100+M to Cal-Bay's bottom line upon completion."
FORWARD LOOKING SAFE HARBOR 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. 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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|Date:||Jan 18, 2007|
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