Company Press Release: Cala Corporation
June 1, 2000
OKLAHOMA CITY, OK -- Joseph Cala, Chairman and CEO of Cala Corporation (OTC Bulletin Board: CCAA) today announced
that Cala Corporation has signed a development agreement to build a five star hotel in Istanbul, Turkey. Cala Corporation
has entered a joint development partnership with the noted Southern Italian engineering and architectural firm
of AGS srl. headquartered in Caltanissetta, Italy. AGS srl. is most noted for its exquisite craftsmanship on cathedrals
throughout Europe.
Cala Corporation will own a 51% interest in the development contract. The estimated cost of the hotel development
project is 150 million dollars. The architectural plans and specifications are nearing completion. The Bank of
Rome has an agreement with AGS srl. to provide financing for the project. Mr. Cala stated that Cala Corporation
is continuing negotiations to secure the management contract to operate the hotel.
Mr. Cala has also announced that Cala Corporation has engaged the services of Dr. LaRocca of Catania, Italy to
assist with the due diligence process for the Company's previously announced offer to purchase Costanzo Industries.
In an unrelated matter, Mr. Cala announced that Cala Corporation has negotiated the termination of its agreement
to develop a Cascina Restaurant in the Radisson Hotel, Fisherman's Wharf, San Francisco. Mr. Cala reported that
his recent acquisition efforts on behalf of Cala Corporation make ownership and operation of a single restaurant
in California unrealistic.
About Cala Corporation
Cala Corporation is a developer of international hospitality businesses with a corporate emphasis on the ownership,
operation and management of hotels, resorts and casinos. Cala Corporation is currently developing the Undersea
Resort and Hotel project with proposed locations throughout the world.
The information in this news release includes certain forward-looking statements as defined in the ``Safe Harbor''
provision of the Private Securities Litigation Reform Act of 1995. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected
in forward-looking statements are reasonable, it can give no assurance that the expectations of any of its forward-looking
statements will prove to be correct. This press release was prepared on behalf of the Board of Directors, which
accepts full responsibility for its contents.
For further information on Cala Corporation, please contact (405) 235-4960 or e-mail info@calacorporation.com.
SOURCE: Cala Corporation