LAS VEGAS, Nov. 19, 2012 (GLOBE NEWSWIRE) -- Cal-Bay International, Inc. (PinkSheets:CBYI) Today confirmed the company has signed an acquisition Letter of Intent with a US tire manufacturing company for the controlling Interest of Cal-Bay International, Inc.
Cal-Bay Spokesperson Larson Coleman today confirmed the execution of the agreements between the two companies.
Mr. Coleman further commented the Tire Manufacturer will be announcing name and symbol changes for Cal-Bay International, along with the appointment of the new Board of Directors and Corporate relocation upon notification from "Finra" of the approved requested corporate changes. No past or present Offices or Directors of Cal-Bay International, will be assigned to the newly appointed Board after the definitive agreement closing date.
Mr. Coleman stated, "Cal-Bay shareholders and Investors along with most of the company's Real Estate Investment Corporations have not witnessed the expected turnaround in the Real Estate sector, thus it seems prudent for Cal-Bay to take advantage of the opportunity to transform into a sector for automotive manufacturing generating consistent annual revenues and significant profits."
The Tire Manufacturing Company currently not disclosed publicly, under the terms of the acquisition agreement, will be releasing Corporate Information, Financials, Revenue, Patent and Asset Information along with Company Website, Contact and Products Information simultaneously with OTC Markets Information updates upon completion of the definitive agreements.
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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. IR@calbayinternational.netSource:Cal-Bay International