Cal-Bay International Inc (CBYI)

[Mikeed]

Cal-Bay going REIT??? It was talked about spinning off COBS and CBAY going REIT..Somethings cooking
From today's 8K

Item 2.01 Completion of Acquisition or Disposition of Assets

In an exchange agreement in December 2006, Cal-Bay International and
its wholly owned subsidiary COBS Homes, Ltd. reached an agreement
whereby Cal Bay International released COBS Homes Ltd. as its wholly
owned subsidiary

Under the mutually beneficial exchange agreement, Cal-Bay International
and COBS Homes will operate as exclusive entities.

Cal Bay will release details of the exchange agreement in a subsequent
report.

Cal-Bay International will utilize Cal-Bay Construction for the
company's development projects.