Cal-Bay Completes Oroville Industrial Park JV Acquisition
(firmenpresse) - LAS VEGAS, NV -- (Marketwire) -- 05/02/12 -- Cal-Bay International, Inc. (PINKSHEETS: CBYI) today announced the company closed the 200 Acre Oroville Industrial Park, Northern California "Enterprise Zone" Acquisition Agreement with JV Partners First Capital Real Estate Investors.
Cal-Bay acquired a 50% ownership as a joint venture agreement of the land development with First Capital Real Estate Investors. The acquisition includes 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." The property is being re-titled in the newly formed LLC's name.
Property deeds will be transferred to the newly formed LLC. All revenues from companies acquiring properties in the Park will be designated to the Joint Venture LLC equally controlled by Cal-Bay and First Capital.
First Capital's original development team will oversee the construction build-out of the 200 acre site whilst the overall project will be managed by the JV company.
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 project has several Anchor Companies in the "Green" sector of Industry, who have shown significant interest in acquiring commercial property within the park. The LLC plans to develop a dedicated website launching June 2012 for the project detailing all Development and construction progress, scheduling and sales status.
Oroville Industrial Park is a fully entitled land development project which, at current market value, is valued at approximately $17.4M. When fully developed over the next 3 years the entire Park is expected to be valued in excess of $200M.
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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.
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.
Contact:
Investor Relations
Cal-Bay International, Inc.
866-501-8564
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Datum: 02.05.2012 - 09:10 Uhr
Sprache: Deutsch
News-ID 1109801
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