SOURCE: Cal-Bay International, Inc.

June 07, 2007 11:37 ET

Cal-Bay International Announces Portfolio Refinancing Plan

CARLSBAD, CA--(Marketwire - June 7, 2007) - Cal-Bay International, Inc. (PINKSHEETS: CBAY) announced that the Company is in negotiations for the refinancing of some of the Company's larger properties.

Cal-Bay spokesmen announced the company is pursuing the refinancing process to be able to capture a portion of the equity appreciation which has grown significantly particularly on the Utah property.

When completed, the long-term financing on some these properties, such as Aspen Cove, Utah, and Chapel Downs, Texas, will enable the Company to start the development process for Aspen Cove's planned hilltop and lakefront 21 luxury home subdivision and a major structural change in the Company's Lakefront property. These changes should bring significant revenues and profits to the Company over the next two years.

Cal-Bay's property portfolio includes properties in: Florida, Texas, Utah, Nevada and California.

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.

Contact Information

  • Cal-Bay International
    Public Relations
    (760) 930-0100
    Fax: (760) 930-0200