Cal-Bay Opens Escrow for Acquisition of Premium Development Property in Oceanside, Southern California.CARLSBAD, Calif. -- Cal-Bay International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CBAY) announces the opening of escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. for the acquisition of a premium property parcel in Oceanside, 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, . Cal-Bay's Board of Directors today announced the company entered in to the contract for the purchase of the property in Oceanside, California Oceanside is the third largest city in San Diego County, California. The city has a population of 173,303. Together with Vista and Carlsbad, it makes up the Tri-City area. The city is just south of U.S. for $1.3M, in all cash and financing transaction. The property is in the final stages of planning and permitting for the construction of a Three Unit Luxury Condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. complex in a rapidly appreciating area of Oceanside, Southern California, which on completion is expected to be valued in excess of $3M. Cal-Bay is currently in negotiations for several other Residential and Commercial development properties. 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. 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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