Cal-Bay International Will Attend Clark County Delinquent Real Property Tax Auction
May 06 2010 - 9:00AM
Marketwired
Cal-Bay International, Inc. (PINKSHEETS: CBYI) announces that
company President Shaun Bailey will attend the Clark County
Delinquent Real Property Tax Auction on Monday, May 10, 2010. The
auction will be in the chambers of the County Commission in Las
Vegas starting at 9:00am.
Mr. Bailey has been registered for the auction and due diligence
on the delinquent properties has begun. Cal-Bay will be bidding on
several of the properties found on the County Treasurer's auction
list: http://trweb.co.clark.nv.us/county/treas/Auctionlist.htm
A delinquent property tax auction in Nevada facilitates the sale
of properties that are three years past due on property taxes.
Because of the delinquency, the ownership of these properties is
forfeited to the state and then sold at auction with a starting bid
equal to the amount owed plus interest, penalties, and costs.
Cal-Bay will be able to bid Monday on twenty-two of these
properties located in Clark County. After the auction, previous
owners are given two additional years to protest the sale. If the
sale is reversed, a buyer at auction receives a reimbursement for
the sale and any interest owed.
The deadline to pay delinquent property taxes on the properties
listed for auction in Clark County was yesterday, May 5, 2010.
Therefore, all currently listed properties will be available on
Monday.
If Cal-Bay is successful in one or more of its bids, the company
will be able to:
1. Hold the property for two years under management, collect rental income,
and then sell the property for a substantial premium (which may also
coincide with a market recovery); or
2. Relinquish the property to the former owner if required, collect
principal plus interest, and reinvest the capital in other properties or
business ventures.
Shaun Bailey, President of Cal-Bay, stated, "This auction is
exactly what our business model was designed for. Buy at a
discount, hold with sustained cash flow, and sell at a premium. The
beauty of the auction is that the County takes much of the risk
with a promise of interest payments if the previous owner is able
to recover the property. For us, we are extremely pleased that we
are in position to take advantage of this annual auction here in
Las Vegas."
Cal-Bay has been preparing for several months to be ready to
manage these properties, make repairs where needed, and find
renters if necessary. They have also identified and made plans for
the properties on the list that provide the most potential upside
and the least amount of risk. Additional information will be
available after the auction has been completed. Please also visit
www.calbayinternational.com to review our business plan and other
news.
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.
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