x
|
Annual
Report Pursuant to Section 13 or 15(d) of The Securities Exchange
Act of
1934 For the Fiscal Year Ended June 30,
2005
|
o
|
Transition
Report Pursuant to Section 13 or 15(d) of The SecuritiesExchange
Act
of 1934
|
Utah
|
333-229903
|
30-0123229
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
Class
Common Stock, Par Value |
Outstanding
as of September 18th, 2005
432,030,283
|
||
$.001
per share
|
Page
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|||||||
|
|
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PART
I
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|
||
Item
1
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3
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Item
2
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15
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Item
3
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15
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Item
4
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15
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PART
II
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||
Item
5
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16
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Item
6
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17
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Item
7
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18
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Item
7A
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23
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Item
8
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24
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Item
9
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39
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PART
III
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||
Item
10
|
|
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39
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|
|
|
|
|
|
|
39
|
|
|
· |
Have
registered a class of its equity securities or have filed a registration
statement with the Securities and Exchange Commission pursuant
to Section
12 of the Securities and Exchange Act of
1934;
|
· |
Operate
for the purpose of investing in securities of certain types of
portfolio
companies, namely emerging companies and businesses suffering or
just
recovering from financial distress;
|
· |
Extend
significant managerial assistance to such portfolio companies
and;
|
· |
Have
a majority of “disinterested” directors (as defined in the 1940
Act).
|
· |
Does
not have a class of securities registered on an exchange or included
in
the Federal Reserve Board’s over-the-counter margin list;
or
|
· |
Is
actively controlled by a business development company and has an
affiliate
of a business development company on its board of directors;
or
|
· |
Meets
such other criteria as may be established by the Securities and
Exchange
Commission.
|
· |
Securities
purchased in transactions not involving any public offering, the
issuer of
which is an eligible portfolio
company;
|
· |
Securities
received in exchange for or distributed with respect to securities
described in the bullet above or pursuant to the exercise of options,
warrants or rights relating to such securities;
|
· |
Securities
of bankrupt or insolvent companies that were eligible at the time
of the
business development company’s initial acquisition of their securities but
are no longer eligible, provided that the business development
company has
maintained a substantial portion of its initial investment in those
companies; and
|
· |
Cash,
cash items, government securities or high quality debt securities
(within
the meaning of the 1940 Act), maturing in one year or less from
the time
of investment.
|
· |
The
Company’s chief executive officer and chief financial officer must now
certify the accuracy of the financial statements contained in its
periodic
reports;
|
· |
The
Company’s periodic reports must disclose conclusions about the
effectiveness of its disclosure controls and
procedures;
|
· |
The
Company’s periodic reports must disclose whether there were significant
changes in its internal controls or in other factors that could
significantly affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses;
and
|
· |
The
Company may not make any loan to any director or executive officer
and may
not materially modify any existing
loans.
|
· |
Price
and volume fluctuations in the overall stock market from time to
time;
|
· |
Significant
volatility in the market price and trading volume of securities
of
business development companies or other financial service
companies;
|
· |
Changes
in the regulatory policies or tax guidance with respect to business
development companies;
|
· |
Actual
or anticipated changes in the earnings or fluctuations of operating
results or changes in the experience of securities
analysts.
|
HIGH
|
LOW
|
|
2005
Quarter Ended
|
||
March
31st
|
.02
|
.004
|
June
30th
|
.25
|
.007
|
2004
Quarter Ended
|
||
March
31st
|
.05
|
.01
|
June
30th
|
.01
|
.01
|
September
30th
|
.10
|
.07
|
December
31st
|
.07
|
.001
|
2003
Quarter Ended
|
||
March
31st
|
.03
|
.01
|
June
30th
|
.02
|
.01
|
September
30th
|
.02
|
.01
|
December
31st
|
.03
|
.01
|
Year
Ended
|
Year
Ended
|
||||||
06/30/05
|
06/30/04
|
||||||
Total
Assets
|
$
|
3,010,660
|
$
|
2,947,274
|
|||
Total
Liabilities
|
577,889
|
503,328
|
|||||
Total
Stockholders' Equity (Deficit)
|
2,432,771
|
2,443,946
|
|||||
Revenue
|
208,488
|
45,000
|
|||||
Net
Unrealized Appreciation (Depreciation)
|
(529,371
|
)
|
1,368,543
|
||||
Net
Income (Loss)
|
(1,345,381
|
)
|
(18,962
|
)
|
· |
The
state of securities markets in which the securities of the Company’s
portfolio company trade or could be
traded;
|
· |
The
liquidity within the national financial
markets;
|
· |
Economic
downturns or recessions may impair the Company’s customers’ ability to
repay its loans and increase its non-performing
assets;
|
· |
A
contraction of available credit and/or inability to access the
equity
markets could impair its lending and investment
activities;
|
· |
The
risks associated with the possible disruption in the Company’s operations
due to terrorism; and
|
· |
The
risks and uncertainties described under the caption “Risk Factors and
Other Considerations” contained in Part I, Item I, which is incorporated
herein by reference.
|
June
30,
2005
|
||||
Investment
at Cost
|
$
|
419,072
|
||
Unrealized
(depreciation) appreciation, net
|
657,328
|
|||
Investment
at fair value
|
$
|
1,076,400
|
Name
of Company
|
Cost
|
FMV
|
|||||
Sports
Nation
|
$
|
25,000
|
$
|
46,000
|
|||
Buehler
Earth & Waterworks, LLC
|
203,493
|
100,000
|
|||||
Gulf
Coast Records, LLC
|
173,868
|
575,000
|
|||||
TSB
Financial Services, Inc.
|
-
|
250,000
|
|||||
Wellstone
Acquisition Corporation
|
632
|
75,000
|
|||||
KMA
Capital Partners, Ltd.
|
-
|
-
|
|||||
TS
& B Gaming & Entertainment Corporation
|
79
|
1,000
|
|||||
TS
& B Ventures, Inc.
|
-
|
600
|
|||||
NEX2U
|
16,000
|
28,800
|
|||||
Total
|
$
|
419,072
|
$
|
1,076,400
|
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors
Cali
Holdings, Inc. (F/K/A TS&B Holdings, Inc.)
Orlando,
Florida
We
have audited the balance sheets of Cali Holdings, Inc. (F/K/A
TS&B
Holdings, Inc.) as of June 30, 2005 and 2004, and the related
statements
of operations, changes in stockholders’ equity and cash flows for the
years then ended. These financial statements are the responsibility
of the
Company's management. Our responsibility is to express an opinion
on these
financial statements based on our audits.
We
conducted our audits in accordance with the standards of the
Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable
assurance
about whether the financial statements are free of material
misstatement.
An audit includes examining, on a test basis, evidence supporting
the
amounts and disclosures in the financial statements. An audit
also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial
statement presentation. We believe that our audits provided
a reasonable
basis for our opinion.
In
our opinion, the financial statements referred to above present
fairly, in
all material respects, the financial position of Cali Holdings,
Inc. as of
June 30, 2005 and 2004, and the results of operations and cash
flows for
the years then ended, in conformity with U.S. generally accepted
accounting principles.
/s/Baumann,
Raymondo & Company PA
Baumann,
Raymondo & Company PA
Tampa,
Florida
September 8, 2005, except for Note L, as to which the date is September 21, 2005 -24-
CALI
HOLDINGS, INC.
(F/K/A
- TS&B HOLDINGS, INC.)
BALANCE SHEETS |
JUNE
30, 2005 AND 2004
|
ASSETS
|
06/30/05
|
06/30/04
|
|||||
Cash
|
$ |
31,034
|
$
|
431,746
|
|||
Investments,
at fair value
|
1,076,400
|
1,832,600
|
|||||
Accounts
receivable
|
3,692
|
-
|
|||||
Other
assets
|
254,207
|
45,000
|
|||||
Fixed
assets, net of accumulated depreciation
|
9,658
|
7,945
|
|||||
Goodwill
|
489,000
|
489,000
|
|||||
Notes
receivable
|
1,141,097
|
103,783
|
|||||
Deferred
income taxes
|
-
|
27,200
|
|||||
Security
deposit
|
5,572
|
10,000
|
|||||
TOTAL
ASSETS
|
$ |
3,010,660
|
$
|
2,947,274
|
|||
LIABILITIES
AND STOCKHOLDERS' (DEFICIT)EQUITY
|
|||||||
LIABILITIES
|
|||||||
Accounts
payable and accrued expenses
|
$ |
77,989
|
$
|
100,804
|
|||
Notes
payable
|
499,900
|
300,000
|
|||||
Deferred
income taxes
|
-
|
102,524
|
|||||
TOTAL
LIABILITIES
|
577,889
|
503,328
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Class
A - Preferred stock, no par value, 10,000,000 shares
|
|||||||
authorized,
3,725,000 issued and outstanding
|
-
|
-
|
|||||
Class
B - Preferred stock, no par value, 10,000,000 shares
|
|||||||
authorized,
none issued and outstanding
|
-
|
-
|
|||||
Class
C - Convertible Preferred stock, $.001 par value,
|
|||||||
10,000,000
shares issued and outstanding
|
10,000
|
-
|
|||||
Class D - Preferred stock, no par value, 10,000,000 shares | |||||||
authorized, none issued and outstanding | - | - | |||||
Common
stock, $.001 par value, 2,000,000,000 shares
|
|||||||
authorized
53,430,283 and 121,330 issued
|
|||||||
and
outstanding
|
53,430
|
121
|
|||||
Additional
paid-in capital
|
17,262,963
|
15,992,006
|
|||||
Stock
subscription receivable
|
(4,760
|
)
|
(4,700
|
)
|
|||
Accumulated
deficit
|
(14,888,862
|
)
|
(13,543,481
|
)
|
|||
TOTAL
STOCKHOLDERS' EQUITY
|
2,432,771
|
2,443,946
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ |
3,010,660
|
$
|
2,947,274
|
|||
CALI
HOLDINGS, INC.
|
|||||||
(F/K/A
- TS&B HOLDINGS, INC.)
|
|||||||
STATEMENT
OF OPERATIONS
|
|||||||
FOR
THE YEARS ENDED JUNE 30, 2005 AND 2004
|
|||||||
6/30/2005
|
6/30/2004
|
||||||
REVENUES
|
$
|
208,488
|
$
|
45,000
|
|||
OPERATING
EXPENSES
|
|||||||
Depreciation
and amortization
|
2,867
|
418
|
|||||
Professional
fees
|
373,712
|
859,806
|
|||||
General
and administrative
|
972,760
|
382,527
|
|||||
1,349,339
|
1,242,751
|
||||||
NET
OPERATING (LOSS)
|
(1,140,851
|
)
|
(1,197,751
|
)
|
|||
NET
UNREALIZED APPRECIATION (DEPRECIATION) ON
INVESTMENTS
|
(529,371
|
)
|
1,368,543
|
||||
OTHER
INCOME (EXPENSE)
|
|||||||
Interest
Income
|
72,895
|
62,363
|
|||||
Interest
Expense
|
(70,996
|
)
|
(5,955
|
)
|
|||
Realized
gain on sale of investment
|
256,436
|
-
|
|||||
Other
|
66,506
|
(170,838
|
)
|
||||
324,841
|
(114,430
|
)
|
|||||
INCOME
(LOSS) BEFORE INCOME TAX
|
(1,345,381
|
)
|
56,362
|
||||
DEFERRED
INCOME TAX (EXPENSE)
|
-
|
(75,324
|
)
|
||||
NET
(LOSS)
|
$
|
(1,345,381
|
)
|
$
|
(18,962
|
)
|
|
NET
(LOSS) PER SHARE BASIC AND FULLY DILUTED
|
$
|
(0.352
|
)
|
$
|
(0.53
|
)
|
|
WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING
|
3,820,129
|
35,953
|
|||||
CALI
HOLDINGS, INC.
|
|||||||||||||||||||||||||
(F/K/A
- TS&B HOLDINGS, INC.)
|
|||||||||||||||||||||||||
STATEMENT
OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY
|
|||||||||||||||||||||||||
FOR
THE YEARS ENDED JUNE 30, 2005 AND 2004
|
|||||||||||||||||||||||||
Additional
|
Stock
|
Accumulated
|
|||||||||||||||||||||||
Preferred
Stock
|
Common
Stock
|
paid-in
|
Subscription
|
Income
|
|||||||||||||||||||||
Shares
|
Par
Value
|
Shares
|
Par
Value
|
capital
|
receivable
|
(Deficit)
|
Total
|
||||||||||||||||||
BALANCE
|
|||||||||||||||||||||||||
JUNE
30, 2003
|
-
|
$
|
-
|
53,260,000
|
$
|
53,260
|
$
|
14,487,595
|
$
|
(1,250,000
|
)
|
$
|
(13,524,518
|
)
|
$ |
(233,663
|
)
|
||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
PROFESSIONAL
|
|||||||||||||||||||||||||
SERVICES
|
-
|
-
|
42,937,000
|
42,937
|
480,655
|
-
|
-
|
523,592
|
|||||||||||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
CASH
|
-
|
-
|
333,372,000
|
333,372
|
846,308
|
(4,700
|
)
|
-
|
1,174,980
|
||||||||||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
ACQUISITIONS
|
-
|
-
|
37,000,000
|
37,000
|
532,000
|
-
|
-
|
569,000
|
|||||||||||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
DEBT
CONVERSIONS
|
-
|
-
|
18,750,000
|
18,750
|
410,250
|
-
|
-
|
429,000
|
|||||||||||||||||
EXPIRATION
OF OPTION
|
-
|
-
|
-
|
(1,250,000
|
)
|
1,250,000
|
-
|
-
|
|||||||||||||||||
40-1
REVERSE STOCK
|
|||||||||||||||||||||||||
SPLIT
|
-
|
-
|
(473,185,733
|
)
|
(473,186
|
)
|
473,186
|
-
|
-
|
-
|
|||||||||||||||
100-1
REVERSE STOCK
|
-
|
-
|
|||||||||||||||||||||||
SPLIT
|
(12,011,937
|
)
|
(12,012
|
)
|
12,012
|
-
|
|||||||||||||||||||
NET
INCOME
|
-
|
-
|
-
|
-
|
-
|
-
|
(18,963
|
)
|
(18,963
|
)
|
|||||||||||||||
BALANCE
JUNE 30, 2004
|
-
|
-
|
121,330
|
121
|
15,992,006
|
(4,700
|
)
|
(13,543,481
|
)
|
2,443,946
|
|||||||||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
PROFESSIONAL
|
|||||||||||||||||||||||||
SERVICES
|
10,000,000
|
10,000
|
97,375
|
97
|
88,850
|
-
|
-
|
98,947
|
|||||||||||||||||
STOCK
ISSUED FOR
|
|||||||||||||||||||||||||
CASH
|
-
|
-
|
53,211,578
|
53,212
|
1,182,107
|
(60
|
)
|
-
|
1,235,259
|
||||||||||||||||
NET
INCOME
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,345,381
|
)
|
(1,345,381
|
)
|
|||||||||||||||
BALANCE
|
-
|
||||||||||||||||||||||||
JUNE
30, 2005
|
10,000,000
|
$ |
10,000
|
53,430,283
|
$ |
53,430
|
$ |
17,262,963
|
$ |
(4,760
|
)
|
$ |
(14,888,862
|
)
|
$ |
2,432,771
|
CALI
HOLDINGS, INC.
|
|||||||
(F/K/A
- TS&B HOLDINGS, INC.)
|
|||||||
STATEMENT
OF CASH FLOWS
|
|||||||
FOR
THE YEARS ENDING JUNE 30, 2005 AND 2004
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
6/30/2005
|
6/30/2004
|
|||||
NET
INCOME (LOSS)
|
$
|
(1,345,381
|
)
|
$
|
(18,962
|
)
|
|
RECONCILIATION
OF NET INCOME (LOSS) TO CASH FLOWS
|
|||||||
(USED
IN) PROVIDED BY OPERATING ACTIVITIES
|
|||||||
Depreciation
and amortization
|
2,867
|
418
|
|||||
Stock
issued for services
|
98,947
|
523,592
|
|||||
Unrealized
depreciation on investments
|
529,371
|
(1,368,543
|
)
|
||||
Gain
on sale of investments
|
(256,436
|
)
|
-
|
||||
Bad
debt expense
|
33,643
|
80,000
|
|||||
Increase
(decrease) in deferred tax
|
(75,324
|
)
|
75,324
|
||||
(Increase)
in goodwill
|
-
|
(489,000
|
)
|
||||
(Increase)
in advances to officers/stockholders
|
-
|
(144,869
|
)
|
||||
(Increase)
decrease in receivables
|
(3,692
|
)
|
7,000
|
||||
Decrease
in acquisition deposit
|
-
|
40,500
|
|||||
Increase
(decrease) in stock subscription receivable
|
(60
|
)
|
1,245,300
|
||||
(Increase)
decrease in deposits
|
4,428
|
(10,000
|
)
|
||||
(Increase)
decrease in other assets
|
(209,207
|
)
|
108,082
|
||||
(Decrease)
in accounts payable and accrued expenses
|
(22,816
|
)
|
(76,749
|
)
|
|||
CASH
FLOWS (USED IN) OPERATING ACTIVITIES
|
(1,243,660
|
)
|
(27,907
|
)
|
|||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
Increase
in notes receivable
|
(924,316
|
)
|
(183,783
|
)
|
|||
Disposition
of property and equipment
|
5,352
|
-
|
|||||
Purchase
of property and equipment
|
(9,932
|
)
|
(8,363
|
)
|
|||
Purchase
of investments
|
(46,100
|
)
|
(463,957
|
)
|
|||
CASH
FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES
|
(974,996
|
)
|
(656,103
|
)
|
|||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
Proceeds
from note payable
|
682,623
|
200,000
|
|||||
Payment
of notes payable to related parties
|
(100,000
|
)
|
(50,000
|
)
|
|||
Issuance
of common stock
|
1,235,321
|
927,680
|
|||||
CASH
FLOWS PROVIDED BY FINANCING ACTIVITIES
|
1,817,944
|
1,077,680
|
|||||
NET
INCREASE IN CASH
|
(400,712
|
)
|
393,670
|
||||
CASH,
BEGINNING OF THE PERIOD
|
431,746
|
38,076
|
|||||
CASH,
END OF THE PERIOD
|
$
|
31,034
|
$
|
431,746
|
|||
Supplementary
Disclosure of Cash Flow Information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Interest
|
$
|
42,359
|
$
|
5,995
|
|||
1. |
Cummings
Financial Services, Inc. - The Company sold its 51% interest
in Cummings
Financial Services on June 30, 2005 for
$782,723.
|
2. |
Home
Savings Plan, Inc. - The Company sold its 51% interest in Home
Savings
Plan, Inc. for $1,000.
|
2004
|
2005
|
||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
Consulting
Services- Common
|
10,484
|
$
|
523,592
|
97,375
|
$
|
88,947
|
|||||||
Consulting
Services- Preferred
|
-
|
-
|
10,000,000
|
$ |
10,000
|
Deferred
Tax Assets:
|
6/30/2005
|
6/30/2004
|
|||||
Receivable
Allowance
|
$
|
-
|
$
|
27,200
|
|||
Loss
Carryforwards
|
1,922,017
|
1,271,327
|
|||||
Less
Valuation Allowance
|
(1,922,017
|
)
|
(1,271,327
|
)
|
|||
Net
Deferred Tax Assets
|
$
|
-
|
$
|
27,200
|
|||
Deferred
Tax Liabilities
|
|||||||
Unrealized
Gains
|
$
|
-
|
$
|
102,524
|
Expiration
Date
|
Amount
|
|||
2022
|
$
|
2,350,469
|
||
2023
|
1,581,566
|
|||
2024
|
1,486,950
|
|||
2025
|
891,335
|
|||
$
|
6,310,320
|
8%
convertible debenture to an individual due no later than August
2, 2005
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
$
|
6,300
|
||
8%
convertible debenture to an individual due no later than August
11, 2005
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
50,000
|
|||
8%
convertible debenture to an individual due no later than August
21, 2005
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
50,000
|
|||
8%
convertible debenture to an individual due no later than May
27, 2006
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
21,000
|
|||
8%
convertible debenture to an individual due no later than May
27, 2006
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
27,350
|
|||
8%
convertible debenture to an individual due no later than June
1, 2006
convertible to 50% of the closing bid price of the common stock
on the
date the Company issues such conversion notice.
|
50,950
|
|||
8%
convertible debenture to Sprout Investments, LLC due no later
than May 27,
2006 convertible at a price equal to $.005 per share of common
stock. In
the event the Company’s common stock is trading at $.005 or less, the
Company will immediately amend the offering circular for the
currently
effective 1E registration statement.
|
88,000
|
|||
8%
convertible debenture to Sequoia International due no later than
September
30, 2005 convertible to 50% of the closing bid price of the common
stock
on the date the Company issues such conversion notice.
|
20,000
|
|||
8%
convertible debenture to Sequoia International due no later than
September
30, 2005 convertible to 50% of the closing bid price of the common
stock
on the date the Company issues such conversion notice.
|
85,000
|
|||
8%
convertible debentures to an Sequoia International due no later
than
September, 2005 convertible to 50% of the closing bid price of
the common
stock on the date the Company issues such conversion
notice
|
26,300
|
|||
8%
convertible debentures to Sequoia International, Inc. due no
later than
October 30, 2005 convertible to 50% of the closing bid price
of the common
stock on the date the Company issues such conversion
notice
|
50,000
|
|||
|
||||
8%
convertible debentures to Sequoia International, Inc. due no
later than
October 30, 2005 convertible to 50% of the closing bid price
of the common
stock on the date the Company issues such conversion
notice
|
25,000
|
|||
Total
|
$
|
499,900
|
||
Less
Current Portion
|
499,900
|
|||
$
|
0
|
Exhibit
No.
|
Description
|
31.1
|
Certification
of President and Chief Executive Officer pursuant to 18 U.S.C.
Section
1350, as adopted pursuant to Section 302 of the Sarbanes Oxley
Act of
2002
|
31.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350,
as adopted
pursuant to Section 302 of the Sarbanes Oxley Act of
2002
|
32.1
|
Certification
of President and Chief Executive Officer pursuant to 18 U.S.C.
Section
906, as adopted pursuant to Section 302 of the Sarbanes Oxley Act
of
2002
|
32.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350,
as adopted
pursuant to Section 906 of the Sarbanes Oxley Act of
2002
|
CALI HOLDINGS, INC. | ||
|
|
|
Date: September 26, 2005 | By: | /s/ Donald M. Stein |
Donald M. Stein |
||
Chief Financial Officer |
CALI HOLDINGS, INC. | ||
|
|
|
Date: September 26, 2005 | By: | /s/ James E. Jenkins |
James E. Jenkins | ||
President,
CEO and Director
|
CALI HOLDINGS, INC. | ||
|
|
|
Date: September 26, 2005 | By: | /s/ Donald M. Stein |
Donald M. Stein |
||
Chief Financial Officer |