CCAA news
OKLAHOMA CITY, May 31 /PRNewswire/ -- 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
-0- 05/31/2000
/CONTACT: Cala Corporation, 405-235-4960, or info@calacorporation.com/
/Web site: calacorporation.com /
(CCAA)
CO: Cala Corporation; AGS srl.
ST: Oklahoma, Turkey, Italy
IN: LEI CST
SU: CON
|
