Cal-Bay International Will Attend Clark County Delinquent Real Property Tax Auction

Published in Stocks and Investing on Thursday, May 6th 2010 at 6:11 GMT by Market Wire
^{🞛 This publication is a summary or evaluation of another publication}

LAS VEGAS, NV--(Marketwire - May 6, 2010) - Cal-Bay International, Inc. (PINKSHEETS: [ CBYI ]) announces that company President Shaun Bailey will attend the Clark County Delinquent Real Property Tax Auction on Monday, May 10, 2010. The auction will be in the chambers of the County Commission in Las Vegas starting at 9:00am.

Mr. Bailey has been registered for the auction and due diligence on the delinquent properties has begun. Cal-Bay will be bidding on several of the properties found on the County Treasurer's auction list: [ http://trweb.co.clark.nv.us/county/treas/Auctionlist.htm ]

A delinquent property tax auction in Nevada facilitates the sale of properties that are three years past due on property taxes. Because of the delinquency, the ownership of these properties is forfeited to the state and then sold at auction with a starting bid equal to the amount owed plus interest, penalties, and costs. Cal-Bay will be able to bid Monday on twenty-two of these properties located in Clark County. After the auction, previous owners are given two additional years to protest the sale. If the sale is reversed, a buyer at auction receives a reimbursement for the sale and any interest owed.

The deadline to pay delinquent property taxes on the properties listed for auction in Clark County was yesterday, May 5, 2010. Therefore, all currently listed properties will be available on Monday.

If Cal-Bay is successful in one or more of its bids, the company will be able to:

Hold the property for two years under management, collect rental income, and then sell the property for a substantial premium (which may also coincide with a market recovery); or
Relinquish the property to the former owner if required, collect principal plus interest, and reinvest the capital in other properties or business ventures.

Shaun Bailey, President of Cal-Bay, stated, "This auction is exactly what our business model was designed for. Buy at a discount, hold with sustained cash flow, and sell at a premium. The beauty of the auction is that the County takes much of the risk with a promise of interest payments if the previous owner is able to recover the property. For us, we are extremely pleased that we are in position to take advantage of this annual auction here in Las Vegas."

Cal-Bay has been preparing for several months to be ready to manage these properties, make repairs where needed, and find renters if necessary. They have also identified and made plans for the properties on the list that provide the most potential upside and the least amount of risk. Additional information will be available after the auction has been completed. Please also visit [ www.calbayinternational.com ] to review our business plan and other news.

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 and 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.

Publication Contributing Sources

Market Wire

N🟁N

Cal-Bay International Will Attend Clark County Delinquent Real Property Tax Auction