CARLSBAD, Calif.--(BUSINESS WIRE)--Oct. 13, 2006--Cal-Bay International, Inc. (OTCBB:CBAY) announced the Company recently signed a Letter of Intent to acquire a $400M residential & Retail Shopping Center development property on a planned Golf course community in southern Louisiana.
Cal-Bay's Board of Directors today announced the company's attorneys were completing the final stages of the due diligence process for the multiple phase residential and Retail Shopping Center development. The project comprises of 600-1000 single family homes and a 10 acre Retail Shopping Center development along with a six acre recreational area, adjacent to a newly planned Golf course structured community.
Cal-Bay CEO Roger Pawson commented that the development property is fully entitled, the engineering process is complete and the building permits have been approved. The early phases are already under construction. Cal-Bay anticipates the closing of the acquisition within the next 30 days subject to satisfactory due diligence results from the company's legal team.
Roger Pawson stated, "This is Cal-Bay's largest single acquisition and will be developed by Cal-Bay subsidiary COBS Homes LTD. The entire development time to completion is projected to be 3 years, and based on current market valuations for the area the property is expected to generate $400M in sales and net in excess of $100M to the company. This project will also create a significant number of new jobs in the Louisiana area." Roger Pawson further stated, "The Company is currently in negotiations with one the nation's largest retail construction product suppliers for this project and funding for the project has been secured."
The terms and location of the acquisition are not available for disclosure at this time under the terms of the NDA; Cal-Bay's Letter of Intent secures this project by way of the acquisition of an existing Louisiana based development company.
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.
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