Item 2.01 Completion of Acquisition or Disposition of Assets
In an exchange agreement in December 2006, Cal-Bay International and its wholly owned subsidiary COBS Homes, Ltd. reached an agreement whereby Cal Bay International released COBS Homes Ltd. as its wholly owned subsidiary
Under the mutually beneficial exchange agreement, Cal-Bay International and COBS Homes will operate as exclusive entities.
Cal Bay will release details of the exchange agreement in a subsequent report.
Cal-Bay International will utilize Cal-Bay Construction for the company's development projects.
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key word being "exchange agreement"
what was exchanged? I sure hope CBAY will be canceling some shares that were issued for the acquisition. The stock has done nothing but go down since finalizing this acquisition in June 2006 (and announcing it in April 2006)
Posts: 817 | From: Florida | Registered: Feb 2006
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posted
COBS could have been more of a noose than anything. I haven't looked back in time but I don't remember COBS doing much for CBAY.
Posts: 442 | Registered: Oct 2003
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posted
Yup, the stock has done nothing but go down ever since first announcing the acquisition of COBS
I thought that COBS recently moved into CBAY's HQ - what the heck are they gonna do now?
Posts: 817 | From: Florida | Registered: Feb 2006
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quote:COBS could have been more of a noose than anything
I agree with this. Based on websites alone, I see COBS is going in a completely different direction than Cal-Bay is. Owner builder service vs. high dollar real estate aquisition & development. I think splitting them was a wise and postive move for future growth on both sides.
quote:Cal Bay will release details of the exchange agreement in a subsequent report.
Now, as roiresearch pointed out, the question remains what exactly are the terms of the exchange agrement? As shareholders, when can we expect to see the official documents for this? What are the chances of stock cancelations?
Posts: 26 | Registered: Dec 2006
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posted
Cal-Bay in Negotiations for Additional 30 Home Portfolio in Las Vegas, Nevada CARLSBAD, Calif.--(BUSINESS WIRE)--Cal-Bay International, Inc. (OTCBB:CBAY) announces the company today opened negotiations for the acquisition of an additional 30 home portfolio in Las Vegas, Nevada.
Cal-Bay’s Board of Directors today announced the company entered negotiations for the acquisition of an additional 30 single family home portfolio in Las Vegas, Nevada.
Upon successful completion, the acquisition will add approximately $13M to Cal-Bay’s rapidly growing Las Vegas property portfolio, and will additionally generate in the region of $500,000 per year in rental revenues.
The pending acquisition would increase Cal-Bay's Las Vegas residential property portfolio to over 85 Homes, and would generate approximately $1.53M per year in revenues.
Cal-Bay is currently in negotiations for several other Residential and Commercial development properties in the Las Vegas area.
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.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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quote:I spoke with Tim for 10 minutes. He asked me to clear up a couple of matters on the board or him. He says it was mentioned that he was a third party being paid in shares by CBAY. He is a full time employee with his own office,and is being paid a salary by CBay
He was very concerned about the filing being late and let Roger know that. Roger told him he will stay on the accountant all day. It is not a major thing that has to be done and they feel it will be accomplished before the market closes. He cannot give a time because, it is not in his hands. Roger is assuring him that it will get done.
As far as COB Homes,they wanted to build single family homes and that is not financially beneficial for CBAY. They left each other on good terms and 30 million shares of B stock will be returned to them.
There are many good things happening and they are going to do every thing in their power not to file late again.
I am not selling any of my shares and I find Tim to be very trust worthy in his conversations.I have taught body language and voice interpretation for many years and this person is not B.S.ing me. I would suggest you make your own choices but I'm holding all my shares
posted
Wow, if 30 million preferred shares are canceled, that would kick start a massive short squeeze
Posts: 817 | From: Florida | Registered: Feb 2006
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-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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posted
This one is the least active by far...I like ihub for this particular stock
-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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