Cal-Bay International to Re-Finance Southern California Development Properties.CARLSBAD, Calif. -- Cal-Bay International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBAY) 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. Roger Pawson announced the company has made application for the refinancing Refinancing An extension and/or increase in amount of existing debt. of two of the company's Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, owned development properties with a current combined appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a of approximately $19M. Roger Pawson stated, "The refinancing would enable the company to start the development process on each of the properties and significantly reduce the monthly note payments currently in place on the properties. The combined total owed by Cal-Bay on the two properties is approximately $11.4M, a structured refinancing along with an Interest Reserve and Construction allotment would allow the company to move forward with the initial planning and entitlement process for each property in early March 2007. Cal-Bay's strategy for 2005 and 2006 was to acquire properties with significant equity appreciation at a discount to the market value. The Company has successfully achieved these goals, and now 2007 is the company's target for the leverage of the equity built for the purpose of development, revenues and profit for the company and its 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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