LAS VEGAS, NV — (Marketwire) — 03/27/12 — Cal-Bay International, Inc. (PINKSHEETS: CBYI) today announced the company has submitted offers to Bank of America and Wells Fargo Bank for the acquisition of 12 residential distressed undervalued single family properties in the Pacific West Coast Inland Empire region.
The properties are a combination of both single and two story residences ranging from 3-5 bedrooms and constructed within the last 8 years. The properties are geographically located within a 10 mile radius, purposely selected for cost effective maintenance and repairs.
Interim CEO Larson Coleman stated, “The offer represents an average of approximately 60% of the cost when the properties were first constructed; this in itself over the future years should add a significant increase in equity to the company-s rental property portfolio. If the offer is accepted the properties should be readily available for rental income in the very near future generating a positive cash flow for each individual property.”
The company received approval from the overseas funding group for the purchase of the properties from the $3M credit line awarded to the company specifically for such acquisitions.
Mr. Coleman further stated, “Last year the company announced plans to return to a fully reporting company status; as a result of recent developments the company will be announcing the appointment of the new CPA hired to update the company-s financials and, along with legal counsel, file the Form 10 documentation required to become fully reporting with the intent of applying for OTC: Bulletin Board status reinstatement as soon as possible. We can then publicly display on a quarterly basis any overall changes to the company-s operations, and particularly changes in financial status.”
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Primarily a Residential & Commercial Real-Estate acquisition and development company, Cal-Bay plans to continue the acquisition of distressed and undervalued residential and commercial real estate along with land acquisitions. The land and commercial properties will be primarily for use by its own subsidiary companies for the production of “Clean Energy & Power Technologies and Energy Saving Solutions” creating a multi-level revenue center for the company and its Investors. More Information will be available on the company website currently operational and under ongoing development.
Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as CBYI or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements herein that describe the Company-s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.