TUSTIN, Calif., July 27, 2004 (PRIMEZONE) -- Cal-Bay International, Inc. (CBYI) has signed a letter of intent for the acquisition of Enterprise Automation, Inc. Terms of this acquisition remain to be finalized, but it is expected that Cal-Bay International, Inc. will purchase Enterprise Automation, Inc. in exchange for cash and shares of stock in Cal-Bay International, Inc.
Enterprise Automation, Inc. is a Tustin, California based engineering firm that offers service and support for all phases of industrial automation, from the design phase to project completion and ongoing optimization. Enterprise Automation, Inc. specializes in programmable controllers, operator interfaces and data acquisition systems that improve productivity, reduce downtime and increase efficiency. Project sizes range from a single custom machine to complete production lines in a wide variety of industries. Clients range from small private companies to large more well known names including Universal Studios -- a division of General Electric (NYSE:GE), U.S. Filter -- a division of Veolia Environnement (NYSE:VE), Sempra Energy (NYSE:SRE) and others.
According to Robert J. Thompson, President and CEO of Cal-Bay International, "The acquisition of Enterprise Automation is the first in what we hope to be several mergers and acquisitions intended to grow Cal-Bay International's offering of products and services related to industrial automation, process control, quality control and environmental protection. Enterprise Automation is an established company with excellent growth prospects, and should be a good fit in our long-term growth plans."
Cal-Bay International, Inc. is a publicly traded company currently trading on the Nasdaq Over the Counter Bulletin Board (OTCBB:CBYI). Subsidiaries include Cal-Bay Controls, Inc. and Cal-Bay Analytical, Inc. which operate as manufacturer's sales representatives and distributors of environmental, process control instrumentation and laboratory related products and services.
For additional information on either Cal-Bay or Enterprise Automation please refer to the company Internet websites at www.calbayinternational.com, or www.EnterpriseAutomation.biz.
This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.