Press Release: Cala Corporation/Mancini
August 8, 2001
SAN FRANCISCO, CA -- Joseph Cala, Chairman and CEO of Cala Corporation (OTCBB:CCAA) and Quirino Caparrelli, General
Manager of Mancini I.M.O.I.L., http://www.imoil.com announced today the audit
has been completed by Deloitte Touche, and the auditor is in the process of completing the pro forma. The pro forma
as required by the Securities and Exchange Commission is a document that is designed to help shareholders understand
the true value of Mancini I.M.O.I.L. The completed pro forma will be sent to Cala Corporate Attorney on Friday,
August 10, 2001, and the completed 8-k is expected to be filed shortly thereafter.
Financial information for 1999 indicate revenues of $14.3M, year 2000 revenues of $17.1M, and for the 6 months
ended June 30, 2001 $6M. According to Deloitte Touche, under GAAP standards grants from the European Governments
cannot be used as an asset or revenue, which lowers the allowable U.S. figures by $2.M.
Consideration for the merger has been finalized at 40,000,000 common shares of restricted Cala Corporation stock,
10,000,000 of which have already been transacted.
``We are pleased to have completed this portion of the process which will facilitate the dissemination of complete
information about the Company, in addition, we are in the process of preparing the proxy statements to be mailed
to the shareholders,'' stated Joseph Cala, Chairman and CEO. Quirino Caparrelli, General Manager of Mancini I.M.O.I.L.
stated, ``We are very excited to have merged with Cala Corporation, a publicly held United States Corporation,
and look forward to expanding the sales of our quality olive oil products throughout the country, along with other
ventures.''
About Mancini I.M.O.I.L.
Mancini I.M.O.I.L. has been producing and selling olive oil products for over 40 years. Annualized revenues are
approximately $20M. $6M of which are realized in the United States. Currently, Mancini olive oil is distributed
in the United States by Manzo Foods, Miami, Fla., under the labeling of Genesio that is sold to Romano's Macaroni
Grill Restaurants, a division of Brinker International. http://www.brinker.com
(NYSE:EAT). More information about Mancini I.M.O.I.L. is available at http://www.imoil.com.
About Cala Corporation
Headquartered in San Jose, Calif., Cala Corporation is a developer of international businesses with a corporate
emphasis on Undersea Resort hospitality. Cala Corporation provides over 20 years of experience on doing business
globally. The corporation's international infrastructure extends from the United States to Europe and Asia.
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.
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Contact:
Cala Corporation/Mancini
Joseph Cala, 408/984-3663