CLARIFICATION of Cal-Bay International Press Release
Nov 28, 2006 11:51:00 AM
Copyright Business Wire 2006
CARLSBAD, Calif.--(BUSINESS WIRE)--
Cal-Bay International, Inc. (OTCBB:CBAY) wishes to issue the following clarification to its release, BW5522, (CA-CAL-BAY-INTL) "Cal-Bay International Announces Late Filing Statement" issued Monday, Nov. 27, 2006:
Cal-Bay President & CEO, Roger Pawson Today Stated: "There seems to be some confusion regarding yesterday\'s press release announcing the requirements for an Audit on each of the company\'s property assets, I would like to clarify that Cal-Bay itself is not being audited by the Securities and Exchange Commission, the regulations require that any publicly traded reporting company must file an audited 8K statement when acquiring any real estate asset, therefore Cal-Bay was requested to amend the company\'s filings to include audited statements on each of its property assets and Cal-Bay is currently in the process of completing the necessary audits in order to stay in full compliance with regulatory requirements". The Company President & CEO further commented, "Regarding the share structure of the common tradable shares, we have received a number of calls regarding the market capitalization of the company and its common share structure and based on the closing market price as of Monday November 27, 2006 the common share market capitalization would be in the region of $5M. I would like to clarify the company\'s property Portfolio is in excess of $100M and the equity portion is in excess of $40M".
CALBAYINTERNATIONAL.com
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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.
Source: Cal-Bay International, Inc.
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