LAS VEGAS, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Cal-Bay International, Inc. (Pinksheets:CBYI) today confirmed the company will be relocating the Corporate Headquarters after the completion of the Definitive Agreement for the acquisition by the Tire Manufacturing Company.
Cal-Bay President Larson Coleman commented the Tire Manufacturer has had discussions with Economic Development Agencies in two states, one Western and one in the Midwest, where two strategically located and vacant facilities currently exist. Both facilities are properly zoned, and were permitted and well outfitted for supporting Tire Manufacturing equipment and processes by major Tire Manufacturers who opted to move their manufacturing overseas.
Mr. Coleman further relayed the comments of one of the Tire Manufacturers Principals stating, "Due to the advantages of our Multiple Patented technology alongside the current import cost challenges (higher shipping costs and tariffs) that did not exist when other manufacturers started offshore production, our costs in conjunction with to be negotiated incentives, we feel would be significantly lower by keeping our in house branded manufacturing in the US. Additionally, this strategy conveys regional and supply chain and distribution opportunities and perhaps most importantly, an existing skilled workforce r seeking employment, which means we can succeed by keeping American Innovation in America… "The World's Most Innovative Tires, Built By Americans."
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 NEW Company Website, Contact and Products Information simultaneously with OTC Markets Information updates upon completion of the definitive agreements.
The Current Old Company Website, www.calbayinternational.net has been updated to inform about the acquisition.
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CONTACT: Investor Relations Cal-Bay International, Inc. IR@calbayinternational.netSource:Cal-Bay International