Message #36 From:
NewsBot Date: January 18, 2007 05:31:00 AM
CBAY News Cal-Bay International Announces Funding Approval for $400M Southern Louisiana Residential/Commercial Golf Course Development Project
CARLSBAD, Calif.--(BUSINESS WIRE)--Cal-Bay International, Inc. (OTCBB:CBAY) announces funding approval
for acquisition & development of Lafayette,Southern
Louisiana golf course development property.
Cal-Bay Internationals Board of Directors today announced the company
has successfully acquired funding approval from a recognized financial
institution and has completed the final due diligence phase of the
company’s planned acquisition of the
Lafayette, Southern Louisiana golf course development property that has
been in transition since the last quarter of 2006.
The 177 acre, mixed use residential and commercial golf course
development is mapped to include the construction of 500-1000 single
family residences simultaneously with a 10 acre commercial/retail
facility development. The project has been approved for development, and
the initial phases of residential construction were initiated in 2006.
Construction financing has been secured by Cal-Bay for the project by a
recognized financial institution and the project is expected to restart
as soon as the acquisition has been formally closed by Cal-Bay.
Company VP Bill Sickert quoted: “This project
represents Cal-Bay’s largest single
development acquisition to date and we are very excited to begin
construction shortly after closing. We fully expect that this will
create a substantial new asset base for the company, investors and
shareholders. As we work to enhance company valuation through beneficial
acquisitions such as this. The addition of this project to our portfolio
of residential and commercial properties will add substantially to the
underlying book value of the company. This is an important step in the
structuring of Cal-Bay to place it into a position to be able to grow
its portfolio of assets into the future. Our shareholders can look
forward to more announcements in the coming months regarding our
commitment to increasing shareholder value as a result of our continued
efforts. This project is expected to generate $400M in revenue over the
next 3 years and is expected to add $100+M to Cal-Bay’s
bottom line upon completion.”
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.
