(PublicWire.com Press Release) — Las Vegas, NV / Accesswire / November 6th 2013 / Cal-Bay International, Inc. (CBYI) Today announced the company received a significant funding and acquisition proposal for company’s recycling of “Waste Tire To Fuel & Energy” Project.
Cal-Bay previously announced the company has recently completed a series of studies and completed a comprehensive business plan for the development of a Waste Tire to Fuel facility, for the production of Fuel Oil, Gas and Power produced entirely from the recycling of waste tires. The company today confirmed as a result of several weeks of discussions with a qualified group of Investors the company yesterday received a significant funding proposal in excess of $20,000,000 for the construction of the first of several recycling facilities for the waste tires to fuel and energy facility. The proposal includes an acquisition schedule for the controlling interest in Cal-Bay International, Inc.
Company President Larson Coleman, commented “We have been in negotiations for several weeks with the Investment group regarding this technologically advanced project, the proposal yesterday was a well-received confirmation of belief in the technology, which would significantly resolve a decades old problem of landfill issues for waste tires with the ability to now recycle tires into highly demanded commodities such as fuel and energy. We have sighted 3 potential locations geographically located in multiple states along the US/Mexico border where over 7,000,000 waste tires have been abandoned over the years and are still situated for which this would be a great source of raw materials alongside a major environmental clean-up operation. Additionally this technology provides the solution for all tire manufacturers whose sub-standard reject tires during the manufacturing process can be securely removed from any possible use by USA consumers on their vehicles and the tires recycled into the fuel and energy sectors”.
Mr. Coleman further stated “The terms of the funding require an acquisition schedule for the controlling interest of Cal-Bay International, which if approved will be announced in the near future. What can be confirmed is the terms of the funding require the appointment of additional Directors to the company’s Board of Directors from the Financial Investment Group”.
RECENT COMPANY NEWS RELEASE FACTS:
The Tire to Fuel & Energy technology and recycling processes is projected to contribute to the mitigation of a worldwide environmental tire disposal crisis. Over three billion tires are stored in tire dumps in the United States and over 300 million more tires are disposed of every year in legal and illegal tire dumps. Not only is disposing of tires very expensive for municipalities, tire dumps also pose serious environmental and health hazards. Toxic tire dump fires, often the result of arson, cause extensive air pollution and groundwater contamination. Hundreds of tire dump fires occur in America every year. One fire in Tracy, California burned 7 million tires for two years and caused immeasurable air and groundwater pollution. A US Department of Energy funded study of tire dump fires on the El Paso, Texas border with Juarez, Mexico determined that over 300 tire dump fires occurred there in one year alone.
The initial projections show upon completion of a single operational facility processing in the region of 100 Tons of raw material daily annual revenues in the region of $17M are attainable with profits in excess of $10M annually.
For more Information: www.calbayinternational.net/products or visit our Twitter page at: www.twitter.com/calbay1
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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.: