Cal-Bay to Acquire $200M Commercial Property Development in Oroville Industrial Park, Northern California in JV Partnership Agreement
APR 26, 2012 - 09:00 ET
LAS VEGAS, NV--(Marketwire - April 26, 2012) - Cal-Bay International, Inc. (PINKSHEETS: CBYI) today announced the company signed an exclusive LOI for a 50% Joint Venture Ownership of a 200 acre commercial development project in Northern California in Oroville Industrial Park, an approved California "Enterprise Zone," and is expected to be in excess of $200M when fully developed at today's market values.
The current market value of the 200 acre fully entitled land is appraised at $17.4M, and when fully developed is expected to be in excess of $200M at current market levels.
Cal-Bay is acquiring 50% ownership as a joint venture agreement of the land development with the current owners of the property, First Capital Real Estate Investors. The terms of the acquisition include the formation of a Cal-Bay Subsidiary LLC equally jointly owned by Cal-Bay and First Capital Real Estate and will be titled Cal-Bay First Capital LLC. All titling and assets will be transferred to the newly formed LLC along with the revenues from development and sales.
Cal-Bay reached agreement with First Capital for the joint venture by negotiating an agreement to provide capitalization for the development of the property through various forms of debenture funding in exchange for 50% ownership of the entire project.
The specific details of the transaction will be released by public disclosure (Press Release) of the definitive agreement at closing which is anticipated to be on or before May 5th, 2012.
ABOUT CAL-BAY INTERNATIONAL:
Primarily a Residential & Commercial Real-Estate acquisition and development Holdings Company, Cal-Bay plans to continue the acquisition of distressed and undervalued residential and commercial real estate along with land acquisitions. The land and commercial properties being primarily for use by its own subsidiary companies for the production of "Clean Energy & Power Technologies and Energy Saving Solutions" creating a multi-level revenue center for the company and its Investors. More Information will be available on the company website currently operational and under ongoing development. www.calbayinternational.net
Safe Harbor Statement:
Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as CBYI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Cal-Bay International, Inc.