Cal-Bay International Property Portfolio to Increase to Over $43M as Company Signs $20M Contract for Purchase of Additional 400+ Homes.CARLSBAD Carlsbad, cities, United States Carlsbad (kärlz`băd). 1 City (1990 pop. 63,126), San Diego co., S Calif., on the Pacific coast; settled in the 1880s, inc. 1952. , Calif. -- The Board of Directors of San Diego-based Cal-Bay International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBAY) today announced the Company entered into a purchase contract for a 400+ homes package in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . Cal-Bay International's Chief Operations Officer announced the news after the Board of Directors confirmed the company had entered into a purchase agreement for the acquisition of the homes. The latest acquisition will increase the company's portfolio to over 450 properties in the USA and increase the company's real estate holdings to over $43M. The terms of the contract require non-disclosure at this time, but the company expects the acquisition to be completed on or before May 31st, 2006. The properties are all single family homes of which the majority are currently rented. Upon closing, this would add an additional $3.2M+ per year to the company's revenue stream. The company is currently in negotiations for several additional properties in the Pacific Coast region. 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" 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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