OKLAHOMA CITY, June 1 /PRNewswire/ -- Joseph Cala, Chairman and CEO of
Cala Corporation (OTC Bulletin Board: CCAA) today announced that Cala
Corporation has signed a development agreement to develop and construct a
$247 million water distribution system in 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 Italy.
Cala Corporation will own a 51% interest in the development contract. The
architectural plans and specifications will be completed by AGS srl. The
Turkish government is expected to fund the project through the issuance of
municipal bonds. Mr. Cala stated that it is his intention to have this
project completed by Costanzo Industries of Catania, Italy, if acquired.
Mr. Cala has also announced that Cala Corporation has engaged the services
of Giuseppe Salamone of Caltanissetta, Italy to assist with the due diligence
process. Mr. Salamone is the current President and co-owner of AGS srl. He
had been previously chosen by the Turkish government to complete this project.
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- 06/01/2000
/CONTACT: Cala Corporation, 405-235-4960, or info@calacorporation.com/
/Web site: calacorporation.com /
(CCAA)
CO: Cala Corporation; AGS srl.; Costanzo Industries
ST: Oklahoma, Turkey, Italy
IN: LEI UTI CST
SU:
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