Cal-Bay International Inc (CBYI)

[CSykes]

Read a little closer..

Not liking the dillution part..

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THREE MONTH PERIODS ENDED June 30, 2006 AND 2005

Cal Bay generated $313,540 in revenues for the three months ended June 30,
2006 compared to $0 in revenues for the same period in 2005. Operating
expenses for the three months ended June 30, 2006 were $1,788,558 compared to
$607,924 for the same period in 2005. Total net income (loss) for the three
months ended June 30, 2006 was $5,402,094 compared to a loss of $ (607,924).

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2006, Cal-Bay had total assets of $32,473,389. Those
assets are comprised primarily of the real estate the company acquired,
the acquisition of COBS homes and $225,000 of the assets are comprised of the
proprietary software TLCO and cash in hand of $261,061.

Current liabilities totaled $7,757,465.00.

The company believes that in order to maintain its current real estate holdings
and to close escrow on the properties currently in escrow, the Company must
raise additional capital. The Company has no current plan in place to raise
additional capital. The Company may sell additional stock, arrange debt
financing or seek other avenues of raising capital [/e]