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Thu, 9 Aug 2001 03:12:17 -0500

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	<title>Calbay International Report</title>

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<P>Please read our <a href="http://www.stockrage.com/profiles/cbyi/index.html#disclaimer">disclaimer</a> on this profile on Calbay.</p>
<P align=center><U><STRONG><FONT size=4>FEATURED 
<P align=center>Ticker Symbol: OTC:CBYI </P>
<P align=center><FONT size=4>COMPANY NAME: Cal-Bay 
International</FONT>    </P>
<P align=center>Company homepage: <A 
<P align=center>&nbsp;</P>
<blockquote><P><FONT face=Arial><STRONG>Cal-Bay International 
  (OTC:CBYI) is one of the fastest growing companies in distributing 
  environmental, process and safety equipment instrumentation and related 
  products and services. There is an explosion in the safety instrumentation 
  industry with the need for more power plants and cheap fuel. Cal-Bay 
  International is a major benefactor of the growing need for cheap fuel both 
  oil and natural gas by supplying the specialized moisture analyzers for 
  industrial applications in natural gas production and transmission, 
  specialty/pure gas production. </STRONG></FONT>
  <P><FONT face=Arial><STRONG>CBYI is a very profitable company that is rapidly 
  expanding in the business of "SMELL TECHNOLOGY" analyzers. These analyzers 
  have an established market in leak detection and monitoring in most chemical, 
  oil and pipeline industries. Every airport passenger, grocery store item, 
  restaurant order, hospital patient, package and container coming into the 
  United States will be monitored using this type of "SMELL TECHNOLOGY" in the 
  next decade. </STRONG></FONT>
  <P><FONT face=Arial><STRONG>The company is fully reporting. There are 
  21,390,000 total outstanding shares, most of which are very closely held. The 
  float contains less than 1,000,000 shares. The stock has very nice support 
  between $1.00 and $1.30, but should enjoy rapid and significant appreciation 
  as developments are made public, and as market awareness grows for this new 
  company. We expect it to move near or over $2 in the near term. Overall, 
  however, we consider this to be a great candidate for a long term hold with 
  tremendous upside potential, and our 1 year target price is $4. 
  <P><FONT face=Arial><STRONG>Some highlights regarding CBYI :</STRONG></FONT>
  <P><FONT face=Arial><STRONG>CBYI has an excellent management team with an 
  impressive client list including: Anheuser-Busch, Chevron Refining, Mitsubishi 
  Heavy Industries, GE-Energy &amp; Environmental Research, the U.S. Air Force, 
  and several Universities along the California coast.</STRONG></FONT>
  <P><FONT face=Arial><STRONG>CBYI is very unique since it also is focused on 
  the data processing behind smell technology in developing Internet based 
  software for complex data management solutions. This software mimics the way 
  the brain interprets complex sensory information using pattern matching 
  <P><FONT face=Arial><STRONG>Smell technology using analyzers will be found in 
  almost every application of everyday life. The most effected areas are 
  hazardous materials detection, process control, food quality and bacteria 
  identification, and medical diagnosis and monitoring. Smell technology is 
  already an established industry in current leak detection and monitoring in 
  most chemical companies, pipeline industry, and with trained dogs in customs 
  to airport security.</STRONG></FONT></P>
  <P><FONT face=Arial><STRONG>CBYI has been in business since 1976 and is a 
  fully reporting and SEC compliant company. CBYI is a very profitable company 
  is on track to beat all earnings estimates with its recent 
  <P><FONT face=Arial><STRONG>CBYI has just recently filed for trading on the 
  NASD OTCBB. Cal-Bay International, Inc. recently filed it's form 10-SB and 
  will likely be listed BB in the next 90 to 120 days.</STRONG></FONT></P>
  <P><FONT face=Arial><STRONG>CBYI has SEVERAL exclusive 
  <P><FONT face=Arial><STRONG>The current industry market for safety, 
  environmental, and monitoring analyzers exceed revenues of $900,000,000. 
  Estimates today indicate that there could be as much as $25 billion in 
  revenues from smell technology by the end of 2005. With current Revenue 
  project growth of 150% year over year Cal-Bay International is well poised to 
  in the smell technology market. The smell technology market should enjoy a 
  triple digit growth rate for the next five or more years.</STRONG></FONT></P>
  <P><FONT face=Arial><STRONG>The expansion opportunity in this industry is 
  encouraged by governmental grants in the detection and clean-up of retired 
  military sites through-out the world. This assures tremendous revenue growth 
  for CBYI in the upcoming years. </STRONG></FONT></P></LI></UL>
  <P><FONT face=Arial><STRONG>You can read many more details at 
  </STRONG></FONT><A href="http://www.calbayinc.com"><FONT 
  <P><FONT face=Arial><STRONG>This company is new and yet to be fully discovered 
  by the overall market. As with all microcaps, a certain amount of volatility 
  and risk are to be expected in exchange for a potentially fantastic upside. We 
  encourage all to do further research before investing. </STRONG></FONT>
  <P><FONT face=Arial><STRONG>Happy Investing!</STRONG></FONT> </P>    
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