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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html> <head> <title>Calbay International Report</title> </head> <body> <A href="#important"> IMPORTANT MESSAGE FROM SENDER! </A> Please read our <a href="http://www.stockrage.com/profiles/cbyi/index.html#disclaimer">disclaimer</a> on this profile on Calbay. FEATURED COMPANY Ticker Symbol: OTC:CBYI COMPANY NAME: Cal-Bay International Company homepage: <A href="http://www.calbayinc.com">http://www.calbayinc.com</A>   <blockquote>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. 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. 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. Some highlights regarding CBYI : <UL> <LI> CBYI has an excellent management team with an impressive client list including: Anheuser-Busch, Chevron Refining, Mitsubishi Heavy Industries, GE-Energy & Environmental Research, the U.S. Air Force, and several Universities along the California coast. 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 algorithms. <LI> 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. <LI> 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 growth. <LI> 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. <LI> CBYI has SEVERAL exclusive contracts. <LI> 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. <LI> 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. </LI></UL> You can read many more details at <A href="http://www.calbayinc.com">http://www.calbayinc.com</A> 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. Happy Investing! </blockquote> <h3>IMPORTANT MESSAGE!</h3> This <a name="important">message</a> is sent in compliance of the new e-mail bill section 301. Per section 301, Paragraph (a) (2) (C) of S. 1618, further transmissions to you by the sender of this e-mail will be stopped at no cost to you. This message is not intended for residents in the state of WA, NV, CA & VA. Screening of addresses has been done to the best of our technical ability. If you are a Washington, Virginia or California resident please remove yourself. 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