11.01.2007 17:12:00 (BUSINESS WIRE) Cal-Bay Announces Scheduled Closing Date for Second Las Vegas, Nevada Residential Property Portfolio
Cal-Bay International, Inc. (OTCBB:CBAY) announces the company plans to close the acquisition of the second Las Vegas residential property portfolio by the end of January 2007.
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The properties are primarily located on the rapidly expanding SW side of Las Vegas, Nevada.
This acquisition will bring the number of residential properties in Cal-Bay's Las Vegas portfolio to over 100 homes, with a current market value in excess of $40M. The company's rental revenue from the combined properties is expected to be in the range of $1.4M annually.
Cal-Bay is currently in negotiations for several other Residential and Commercial development properties in the Las Vegas area.
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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