CARLSBAD, Calif., Jun 09, 2006 (BUSINESS WIRE) -- Cal-Bay International, Inc. (OTCBB:CBAY) announces completion of Texas Sports Center acquisition. Cal-Bay's Board of Directors today announced the company completed the transaction for the acquisition of the $1.2M Dallas area sports facility.
Cal-Bay CEO Roger Pawson commented the center is the first Texas property owned by the company, and is currently seeking additional properties within the surrounding area. Pawson further commented the company has strong corporate alliances in the Dallas area which will ensure good property management for Cal-Bay properties in that region.
The center is under a 2 year management contract with a Dallas based organization who will maintain and operate the facility independently.
The property will add approximately $1.2M to the Company's rapidly growing portfolio and increase annual property revenues.
Cal-Bay's Real estate currently under contract, in escrow and owned by the company is approaching a market value of almost $50M, with annual rental revenues exceeding $4M.
Cal-Bay is currently in negotiations for several other large East Coast development projects.
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.
CONTACT: Tim Garlin Public Relations Tim Garlin, 760-930-0100 Fax: 760-930-0200 IR*calbayinternational.com www.calbayinternational.com
Copyright Business Wire 2006
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KEYWORD: United States North America California Texas INDUSTRY KEYWORD: Other Sports Professional Services Finance Communications Public Relations/Investor Relations
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