Cala of Italy Acquires Interest in Etna Golf Hotel
Company
OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 11, 2000--Joseph Cala, Chairman and
CEO of Cala Corporation (OTCBB: CCAA - news) 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. |
