Cal-Bay International Subject of Fraudulent Press Release Regarding Bankruptcy Filing
Mar 8, 2007 11:44:12 (ET)
CARLSBAD, Calif., Mar 08, 2007 (BUSINESS WIRE) -- Cal-Bay International, Inc. (CBAY, Trade ) announces the company has once again become the subject of a fraudulent press release posted on Yahoo Chat Boards claiming the company filed Bankruptcy in Nevada with alleged quotes from the company's President.
Cal-Bay International's board of directors today commented that this appears to be the work of the same parties who last year posted a bogus press release claiming ReMax was acquiring Cal-Bay International.
Cal-Bay's management believes there is a significant short position in the company's freely tradable shares, and the publishing of such a fraudulent statement has a significant downward pressure on the stock the shorts are able to cover at a significantly less price than the stock was originally sold for in the short sale.
President & CEO Roger Pawson stated, "Cal-Bay has not filed Bankruptcy nor were the reported comments in the bogus press release authentic. Cal-Bay will be in contact with the FBI today to report the crime and will divulge the names to the FBI of the identified parties from the previous fraudulent press release who are still under investigation."
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
Cal-Bay International, Inc. Tim Garlin, (760) 930-0100 Fax: (760) 930-0200 IR*calbayinternational.com