Message #39 From:
NewsBot Date: February 12, 2007 08:33:00 AM
CBAY News Cal-Bay International to Re-Finance Southern California Development Properties
CARLSBAD, Calif.--(BUSINESS WIRE)--Cal-Bay International, Inc. (OTCBB:CBAY) President and CEO Roger Pawson announced the company has made application for the refinancing of two of the company's Southern California owned development properties with a current combined appraised value 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 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.
