Cal-Bay to Acquire Mississippi Residential Property Portfolio.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). :CBAY) announces agreement for the purchase of a 14 Home Rental Portfolio in Aberdeen, Mississippi Aberdeen is a city in Monroe County in the U.S. state of Mississippi. The population was 6,415 at the 2000 census. It is the county seat of Monroe CountyGR6. . Cal-Bay's Board of Directors today announced the company has entered in to a contract for the purchase of a Portfolio of 14 Single Family Residence Rental Properties in Aberdeen, Mississippi. The properties would add approximately $400,000 to the Company's rapidly growing portfolio and increase annual property revenues. This acquisition is expected to close during the second quarter of 2006. Cal-Bay's real estate currently under contract, in escrow and owned by Cal-Bay is approaching 500 properties, with a market value in excess of $48M, with annual rental revenues approaching $4M. Cal-Bay recently entered an 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 to acquire Cobs Homes, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Complete Owner Builder Services). This acquisition, when completed, is expected to add an additional $6M in revenues annually to the company. The Cobs acquisition is scheduled to be completed in May 2006. Cal-Bay is expanding its Carlsbad, California Carlsbad is a coastal resort-town in northern San Diego County, California. According to the state Department of Finance, the city had a total population of 90,271 in 2003. Corporate Headquarters facility to over 5,000 square feet of administrative space to accommodate the Cobs acquisition, and the increased number of employees. The expanded facility, which will accommodate the 40 employees, is scheduled to be fully operational by July 1st, 2006. 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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