Cal-Bay International in Negotiations for Sale of Aspen Cove Resort, Utah, Properties.CARLSBAD, Calif. -- Cal-Bay International (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBAY) announces that it is negotiations for the sale of its Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. Cove Resort properties, on Panguich Lake, Utah. The Aspen Cove properties consist of an operational lakefront lodge and a 33-acre hilltop parcel that has been mapped for 21 luxury 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 . The offer for purchase is approximately $5M, and the transaction is contemplated to close upon satisfactory final 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. by the buyer. At the request of the tentative buyer, the terms of the negotiations are to remain confidential until the close. Cal-Bay originally purchased the Aspen Cove properties in early 2005, for a price of $2.6 million. 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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