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[QUOTE]Originally posted by surgeon of steel: [QB] Cal-Bay International in Negotiations for Sale of Aspen Cove Resort, Utah, Properties Business Wire - January 23, 2007 12:23 CARLSBAD, Calif., Jan 23, 2007 (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. SOURCE: Cal-Bay International, Inc. Cal-Bay International, Inc. Tim Garlin, (760) 930-0100 (Investor Relations) Fax: (760) 930-0200 ir*calbayinternational.com Copyright Business Wire 2007 [/QB][/QUOTE]
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