CCAA mo news
OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 11, 2000--Joseph Cala,
Chairman and CEO of Cala Corporation (OTCBB: CCAA) today announced
that Cala of Italy, a wholly owned subsidiary of Cala Corporation, has
acquired a 51% interest of the Etna Golf Company of Contrada Rovitello
near Taormina in Sicily. Etna Hotel Company owns the Il Picciolo Golf
Club, a par 72, scenic golf course designed 10 years ago by Luigi Rota
Caremoli.
Mr. Cala underscored the importance of this acquisition, stating,
"The beautiful course is the only course serving the 6 million
residents of Sicily and the 4 million tourists that visit annually."
The stunningly picturesque club is nestled 650 meters above sea level
among oaks, hazels, and vineyards with the snow capped active volcano
Mt. Etna serving as a backdrop.
The Picciolo Golf Club includes the magnificent 18-hole golf
course, a driving range, putting and pitching greens, and an old
world, elegant club house, which houses a restaurant, bar, meeting
room, bridge room, TV lounge, locker rooms, Pro-Shop and guest
quarters. The guest quarters include 13 double room suites.
The funding of the purchase agreement is phased and will be
supplemented by a $3.8 million grant from the Italian government to
construct another 18 holes.
About Cala Corporation
Cala Corporation is a developing international hospitality company
with a corporate emphasis on the ownership, operation and management
of hotels, hotel-based restaurants, and real estate development. 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.
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CONTACT: Cala Corporation
Joseph Cala, 405/235-4960
info@calacorporation.com
KEYWORD: OKLAHOMA ITALY INTERNATIONAL EUROPE
INDUSTRY KEYWORD: FOODS/BEVERAGES SPORTS TRAVEL MERGERS/ACQ
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