Replies to post #32246 on Cal-Bay International Inc (CBYI)

[lifegear]

West Palm Beach Land Parcel, Fla==>>

In the 3rd quarter ending December 31, 2005 the Company purchased the
first mortgage position on a parcel of land comprising approximately
290 acres in west Palm Beach, Florida. The company purchased the
mortgage on the property for $5,500,000 payable as follows; $1,500,000
cash and $4,000,000 in the Company's Preferred B stock. This note is
accruing at the rate of approximately $32,000.00 per month and matures
in the first quarter of 2006. Its value upon maturity is approximately
$7,800,000.00. The Company purchased the mortgage on the property
through funds raised via a private offering. At year end December 31,
2005 $900,000.00 had been paid towards the purchase with a balance
remaining of $600,000.00. The source of funds for the balance of
funding was in place at year end.


Subsequent to year end the balance of funding for the note was
completed.