Cal-Bay International Completes Acquisition of Imperial Beach, CA Motel and HBO TV Series Location Contract
CARLSBAD, Calif., Nov 13, 2006 (BUSINESS WIRE) --
Cal-Bay International, Inc. (OTCBB:CBAY): Cal-Bay\'s Board of Directors announced the company completed the acquisition of the El Camino Motel, In Imperial Beach, Calif., on Friday November 10, 2006. The acquisition was consummated along with the recent signing by one of HBO\'s production companies for an eight month lease of the Motel location, commencing November 20, 2006, for the filming of a new HBO Drama series, "John from Cincinnati."
Cal-Bay\'s Board of Directors commented, "The $5M Motel property acquisition was significantly enhanced by the execution of the HBO contract, which will generate several hundred thousand dollars in additional revenue over the next eight months."
The cast of the HBO Drama series includes Rebecca De Mornay and Luke Perry. A detailed coverage of the story is available on the San Diego Union Tribune Website, South County Edition, dated September 13, 2006. This story was published after the successful Pilot version of the series was filmed at the Imperial Beach Motel Location.
Cal-Bay Executives announced the Motel Site is located in a prime Southern California redevelopment area and the company plans to significantly enhance the value of the location in the late summer of 2007 by way of redevelopment by COBS Homes LTD, a wholly owned subsidiary of Cal-Bay International, Inc.
Cal-Bay acquired the property in all cash terms acquisition from Madrid Ranch Estates, LLC.
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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