Cal-Bay International -- Round Table With the CEO
May 11 2010 - 9:00AM
Marketwired
Shaun Bailey, the CEO of Cal-Bay International, Inc. (PINKSHEETS:
CBYI), has put together some answers to some of the most frequent
questions that shareholders and potential investors have been
asking lately.
Is Roger Pawson involved with Cal-Bay anymore?
"No. The former president of Cal-Bay, Roger Pawson, no longer
has any position within the company. Since selling his position in
Cal-Bay, he has not been given or sold any shares of stock. He has
only retained a small percentage of preferred stock that cannot be
converted to common stock without board approval. Roger has no
relationship, either personal or professional, with current
management."
Does the company have any revenues?
"Yes. In two press releases announced earlier this year, we
explained that we had acquired revenue generating properties.
Rental revenue for the condo we own in Provo, UT is $950 per month
and for the real property owned in Las Vegas we receive $300 per
month. We expect to receive $15,000 in revenue from these
properties annually."
Did the company acquire additional property in the auction on
May 10?
"No. The bidding was very aggressive and the final pricing of
the properties offered was higher than our desired ROI would allow.
We based our due diligence on the fact that we were required to
hold these properties for two years, and, unfortunately, the final
pricing did not make sense for our model."
Is the company currently selling free-trading stock for
capital?
"No. We have received some capital in the form of bridge loans
from our efforts at the investors' conference in Frisco, TX, but we
have not received any money for selling stock in public or in
private. We have been looking to do a private placement with
restricted stock, however, and are currently working with a firm
that will assist us in this effort."
Does Cal-Bay have any tangible plans for the future?
"Absolutely. In addition to the restaurant that we are looking
to purchase in Arlington, TX, we have several other small
businesses and real estate properties that we have looked at
acquiring over the past few months. We will do our best to keep
everyone apprised of the latest developments with each one of these
deals. We're especially excited about the restaurant which should
generate nearly $1 million this year in revenue. Based on what we
have seen so far, we think we may be able to increase this amount
to $1.5 million in 2011."
Cal-Bay expects to release financial statements that include
revenue and stock positions for the company later this week for the
fiscal first quarter of 2010.
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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