Cal-Bay Signs LOI For Sale of TLCO Software Division in a Deal Worth $1M.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Cal-Bay International, Inc (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBYI) today announced the signing of a letter of Intent for the sale of the company's TLCO TLCO Technical Requirements Manual Limiting Condition for Operation Software division in a deal worth $1M. Cal-Bay acquired TLCO Software in 2004 as part of the acquisition and appointment of the Company's new Board of Directors. TLCO Software's proprietary technology includes the Web Factory Product line. Web Factory was an award winning pioneer technology in the Web Authoring and Imaging field in the mid 1990's and early 2000's. The Company announced that although the terms of the LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items remain confidential at this time, the negotiations are geared towards an early closing by both Buyer and Seller. Cal-Bay's IR Department announced that upon a successful closing, the proceeds of the sale would be invested in to the Company Property Portfolio. 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. |
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