Cal-Bay International Inc (CBYI)

[librab103]

From reading Preferred A:

1000 to 1 Voting Power, 1 to 1 Conversion into Common Shares.

and Preferred C reads:

1,000,000 to 1 voting power, and 1000 to 1 conversion

Thus if Mr. Pawson converted his shares into common shares he would have 1/1000 less of what he has now.

From page 2 of http://www.otcmarkets.com/financialReportViewer?symbol=CBYI&id=111088

EDIT to fix the misspelling of Mr. Pawson