Henderson, NV (PRWEB) August 6, 2008
Cal-Bay International, Inc (OTC: CBAY) today announced the company's appointment of (UK Based) Melinda Rice as acting President of the corporation. Additionally the company has retained new legal counsel to restructure the former debts of the company which is now re-established and operational in the Real Estate Industry. The company has also secured a major nationwide development contract with a California-based company.
A spokesperson for CBI commented that the previous filings on PinkSheets.com were premature as the contract for acquisition with BHC was not fully consummated or funded. CBI's BOD, as part of the agreement for control, required documented assurance the investors and shareholders of CBI would be fully protected for their investments. Such assurances were not forthcoming in the time frame allocated by the agreement; therefore the BOD of CBI rescinded the agreement in the interest of all parties.
The published officers and directors as shown on PinkSheets.com is not accurate, as the parties shown along with the designated accounting company were never duly appointed to the BOD, by the documented officers & directors of the corporation, and were not authorized to distribute press releases announcing any type of corporate re-structure until the transaction was fully consummated.
The PinkSheets.com information will be updated a soon as possible, with the company's authentic current information. The company plans to announce new additions to the board of directors in the near future along with the launch of the company's newly constructed website at http://www.cbayinternational.com.
This will include company financial information, BOD bio's along with corporate asset and liability information. The company's financial status, new corporate and contact information, along with details on the newly acquired development contract will be made available shortly by press release.
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, Inc