Growth company CALI Holdings, Inc. announces it has signed a letter of intent to acquire a Controlling Interest in $26M site utility company

ORLANDO, Fla., May 10, 2005 (BUSINESS WIRE) — CALI Holdings, Inc. (“Company” or “CALI”), announced that KMA Capital Partners Ltd. negotiated a Letter of Intent (LOI) for CALI to acquire majority control of a southwest regional general contractor engaged in site utility construction.

For the year ending 2004 the company had revenues of $26.3M. The company is poised to generate approximately $30M in revenue for 2005 and Net Income of approximately $1.0M with an adjusted EBITDA of approximately $2.6M. The company has a current backlog of $27M with first quarter revenues of $9M. The company has been in business for 16 years with an excellent track record and has audited financial statements for the past five years.

The LOI is subject to completing due diligence, financing, and the signing of a Definitive Agreement that would include representations and warranties and terms and conditions to be negotiated during the structuring of the financing. The company’s plan is to acquire other businesses that are synergistic to grow vertically.

James Jenkins, CEO of CALI Holdings stated: “This transaction is part of the restructuring efforts that CALI is undergoing and the efforts of KMA to find suitable acquisition candidates for CALI. There are many companies in the situation similar to the target company that sees the benefit of becoming a `partner’ with a public entity as a vehicle to raise additional capital to expand their businesses and create liquidity for the principals.”

About CALI Holdings Inc. [ ]

CALI Holdings Inc., is a Business Development Company under the Investment Act of 1940 aggressively seeking opportunities in emerging and fast growth industries.

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