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Cal-Bay International Founder Members and Directors Announce Cancellation of 1.5M Shares of Preferred ``A\'\' Control Shares
Business Wire - January 24, 2007 09:01
CARLSBAD, Calif., Jan 24, 2007 (BUSINESS WIRE) -- Cal-Bay International\'s (OTCBB:CBAY) Board of Directors today announced the company\'s principals and founders have agreed to cancel 1.5M shares of Preferred "A" founder shares. The shares are purely control stock and not intended to be converted and traded. The shares have voting and conversion rights of 50-1 over the company\'s common stock and are designed to prevent attempts of a hostile takeover of the company\'s assets.
Cal-Bay\'s management commented that in light of the obvious short position of the common tradable shares of the company, the founder members felt it appropriate to reduce the holdings of Preferred "A" shares, when the common stock shareholders were being victimized by the dramatic devaluation of the common tradable shares, as a result of significant short selling on a daily basis.
The cancellation will be effective immediately and represents over 7% of the outstanding Preferred "A" control shares of the company.
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 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.
SOURCE: Cal-Bay International, Inc.
Cal-Bay International, Inc.
Tim Garlin, 760-930-0100
Fax: 760-930-0200
E-mail: IR*calbayinternational.com
Website: www.calbayinternational.com
Business Wire - January 24, 2007 09:01
CARLSBAD, Calif., Jan 24, 2007 (BUSINESS WIRE) -- Cal-Bay International\'s (OTCBB:CBAY) Board of Directors today announced the company\'s principals and founders have agreed to cancel 1.5M shares of Preferred "A" founder shares. The shares are purely control stock and not intended to be converted and traded. The shares have voting and conversion rights of 50-1 over the company\'s common stock and are designed to prevent attempts of a hostile takeover of the company\'s assets.
Cal-Bay\'s management commented that in light of the obvious short position of the common tradable shares of the company, the founder members felt it appropriate to reduce the holdings of Preferred "A" shares, when the common stock shareholders were being victimized by the dramatic devaluation of the common tradable shares, as a result of significant short selling on a daily basis.
The cancellation will be effective immediately and represents over 7% of the outstanding Preferred "A" control shares of the company.
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 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.
SOURCE: Cal-Bay International, Inc.
Cal-Bay International, Inc.
Tim Garlin, 760-930-0100
Fax: 760-930-0200
E-mail: IR*calbayinternational.com
Website: www.calbayinternational.com
