CCAA news :-) this morning just keeps getting better and better.
OKLAHOMA CITY, Okla., June 26 /PRNewswire/ -- Joseph Cala, Chairman and
CEO of Cala Corporation (OTC Bulletin Board: CCAA) today announced that after
a meeting between Cala Corporation and executives of B-Tec of Italy and E-Tec
of the United States, mechanics of the earlier agreement will be implemented
at an accelerated pace. Cala Corporation had previously announced it had
purchased a 51% interest in B-Tec of Italy. With this interest, Cala
Corporation would begin plant production to manufacture rechargeable battery
technology.
At a meeting in Oklahoma City, Oklahoma, executives from the participant
companies voted to amend the original B-Tec/E-Tec agreement to include an
E-Tec assisted marketing effort in Italy. This campaign will insure that all
batteries produced will be pre-sold. Also, the initial cost of the project
was reduced by $1.75 million, in exchange for a 2% royalty accruing to E-Tec
on all products sold.
A 20,000 square foot warehouse has been secured in San Cataldo, Italy to
house the first phase of the B-Tec production line. The space allows for an
expandable capacity.
E-Tec has agreed to send two engineers and two marketing executives to
Italy to insure the project's success. Alvin Adams, the Founder of B-Tec,
will remain as President and oversee operations. Dr. Giovanni LaRocca, in
conjunction with Mr. Alessandro Aitala, have assisted Cala Corporation in the
negotiation of an Italian government grant for financing of up to 70% of the
cost to open the first plant. Cala Corporation will finance the balance of
the initial investment through a negotiated sale of corporate bonds.
E-Tec, based in Bardstown, Kentucky, has already provided the technology
and market expertise to develop five similar plants in China. Their custom
manufactured equipment will allow B-Tec the capacity to produce 27 types of
rechargeable batteries. Their exclusive impedence measuring device gives
their battery pack a 20% longer life over that of competitors.
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- 06/26/2000
/CONTACT: Cala Corporation, 405-235-4960, or info@calacorporation.com/
/Web site: calacorporation.com
(CCAA)
CO: Cala Corporation; E-Tec; B-Tec
ST: Oklahoma, Italy
IN: CPR
SU: TNM
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