DENVER, June 17, 2014 /PRNewswire/ -- Cal-Bay
International, Inc. (OTC: CBYI) today announced the company reached
agreement in principal for a $7M
funding proposal for a 3 year term note for the capitalization
of the company's CB Green Card merchant processing system for use
by legal marijuana dispensaries within the USA.
The Cal-Bay Financial merchant card processing system will allow
the legal payment to the dispensary by patients using the CB Green
card for purchases within the dispensaries. Currently the legal use
of credit cards to dispensaries for the purchase of Marijuana
products has to date not been available due the nationwide dispute
between state and Federal agencies as to the legality of the sale
for Marijuana products; therefore the majority of the transactions
are on a cash only basis.
Cal-Bay Financials merchant processing system allows for the
registered dispensaries to be able to accept and process the
patients CB Green card and have the proceeds deposited to their
financial institution, creating an alternative to holding large
amounts of non depositable cash to the banks and at the same time
creating a verifiable transaction of sales for state and Federal
tax collection agencies.
The companies executed an official memorandum of understanding
for the $7M capitalization the terms
of which will be fully disclosed upon execution of the definitive
agreement at the close of escrow.
The proceeds are allocated for the completion of the CB Green
Card processing network along with the production of the POS
terminals required for use by the dispensaries.
There are today currently approximately over 2000 Legally
Licensed Marijuana Dispensaries within the US across 23 States,
projecting over $3B in sales for
2014, representing an increase of almost 100% in revenues since
2012.
www.calbayco.com
www.legalhemp.com
www.calbayfinancial.com
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.:
Cal-Bay International, Inc.
600 17th Street,
Suite 2800
Denver, Colorado 80202
Website: www.calbayco.com
SOURCE Cal-Bay International, Inc.
