Message #38 From:
NewsBot Date: January 23, 2007 09:23:00 AM
CBAY News Cal-Bay International in Negotiations for Sale of Aspen Cove Resort, Utah, Properties
CARLSBAD, Calif.--(BUSINESS WIRE)--Cal-Bay International (OTCBB:CBAY) announces that it is
negotiations for the sale of its Aspen Cove Resort properties, on
Panguich Lake, Utah. The Aspen Cove properties consist of an operational
lakefront lodge and a 33-acre hilltop parcel that has been mapped for 21
luxury vacation homes.
The offer for purchase is approximately $5M, and the transaction is
contemplated to close upon satisfactory final due diligence by the buyer.
At the request of the tentative buyer, the terms of the negotiations are
to remain confidential until the close.
Cal-Bay originally purchased the Aspen Cove properties in early 2005,
for a price of $2.6 million.
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.
