LAS VEGAS, NV--(Accesswire) October 7th 2013 Cal-Bay International, Inc. (Pinksheets: CBYI) Today released the following official update and status report regarding a "Rescission" blog post by "Optima Sports AKA Cambertire" , President John Scott on Friday October 4th 2013 on an investors chat room message board:
Cal-Bay would like to advise shareholders and Investors of the following series of events that possibly led to the unexpected statement posted on investors chat room message board(s) by Cambertire’s President John Scott.
Cal-Bay recently instructed counsel to finalize the due diligence for the "Optima Sports" (Asset Owner) as specified in the Executed Definitive Agreement, prior to completing the name change. This included the Patent ownership, and potential Patent conflict interests along with Trademark and copyright(s) verification as specified in the agreement.
The results indicated the Trademarks for "Cambertire" and "Optima Sports" were not reflected anywhere in the US Trademarks system, as were several other included registered Trademarks that were outlined in the definitive agreement.
The research further revealed a number of potentially conflicting patent items already recorded and issued in the US Patent office, including several by leading Tire Manufacturers. Cal Bay counsel is investigating further the possibility of Patent Infringement. The research also seems to indicate some delinquent Patent dues for the US Patent # 5,975,176.
The results to date seem to imply a number of discrepancies on the part of "Optima Sports" regarding the deliverable assets specified in the Executed Definitive Agreement, furthermore Cal-Bay has requested on several occasions the Financial Statements from Optima Sports for the company’s assets, patent valuations, sales, liabilities and general accounting information in order to complete the consolidated financial information required to complete the transaction. No such information has been received to this date to verify the same. The verifiable information received to date for assets shown, appear to be several Domain names, several Tire Molds, and a single Patent.
Additionally outside of the clear violation of the confidentiality clause(s) defined in the executed agreement, along with the unauthorized public dissemination of "Confidential" information , and now the "Rescind" statement via public blog / message board, and a slanderous e-mail to the company confirming the same, causes concern by Cal-Bay for the future management in the "Optima Sports/Cambertire/John Scott" sector for Investors.
As Cal Bay International seeks further resolution(s) to these matters Cal Bay corporate counsel is pursuing all ways to protect our shareholders interest in this matter and reserves all rights as per the Executed Definitive Agreement.
Other Cal Bay International Business Updates
Cal-Bay recently entered negotiations for the licensing of a state of the art fiber material for use in the automotive and vehicular Industry, including but not limited to the manufacture of extremely durable lightweight vehicle wheels, and the possible use for replacement of steel bands used in the Tire manufacturing industry, due to the high temperature tolerance compared to both steel and carbon fiber components. Cal-Bay is still moving forward with the negotiations for the licensing of this cutting edge technology. The company has already received several inquiries by vehicular manufacturers for the use of the material as an alternative to Carbon Fiber and Fiberglass used in the manufacturing process.
Safe Harbor Statement: Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as CBYI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Cal-Bay International, Inc.:
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