CCAA Major news:
(PR Wires) PRW: Cala Corporation Obtains Preliminary Approval to Purchase
PRW: Cala Corporation Obtains Preliminary Approval to Purchase Costanzo
Industries
OKLAHOMA CITY, May 17 /PRNewswire/ -- Joseph Cala, Chairman and CEO of Cala
Corporation (OTC Bulletin Board: CCAA) today announced that Cala Corporation
has received preliminary approval to purchase Costanzo Industries of Italy.
Costanzo Industries is the third largest builder of Italian resorts and
hotels. Costanzo had previously partnered with Fiat in building high speed
train facilities in Italy and is considered a major force in the Southern
European construction industry.
The acquisition, which is being overseen by the Italian ministry of
Industry, was granted local approval by an Italian government trustee on May
15, 2000. The two-tier approval process will continue today in Rome, where
Mr. Cala will seek a necessary final approval by the Italian Prefetto
presiding over this acquisition.
The management of Costanzo welcomed Cala Corporation's bid for acquisition.
Costanzo has yearly revenues of several hundred million dollars and pending
contracts valued at over $500 million. Cala Corporation has agreed to
fulfill all pending contracts, should its acquisition of Costanzo be
accepted. The accounting firm of Arthur Anderson has been assisting
Costanzo to provide detailed financial information to Cala Corporation.
Mr. Cala stated that the acquisition of Costanzo would serve several
distinct purposes. To begin with, it would provide a necessary alliance to
build the Undersea Resort and Casino project. Secondly, the purchase of
Costanzo would present a means to building and acquiring other hotel
properties. Finally, the commitment to honor Costanzo's pending contracts
would provide Cala Corporation with an excellent revenue source.
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.
/CONTACT: Cala Corporation, 405-235-4960, or info@calacorporation.com/
15:26 EDT
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