Cala Corporation Divests its Interest in B-Tec of Italy Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 18, 2000--Joseph Cala, Chairman and CEO of Cala Corporation (OTCBB:CCAA), today announced that Cala Corporation has divested its 51% interest in B-Tec of Italy. Accordingly, 330,000 shares of company stock, used to secure the acquisition, will be returned to the Cala Corporate Treasury. Mr. Cala described the decision to terminate the agreement with B-Tec as an amicable one driven by two important considerations. "Cala Corporation must focus on our mission to serve our stockholders by developing into a global hospitality company. Even though rechargeable battery technology is an exciting and potentially lucrative field, it is also a distraction to a Company like ours. We need to concentrate on that which we do best." The second factor considered in Cala Corporation's decision to terminate its agreement with B-Tec centered on B-Tec's inability to adhere to an agreed-upon operational timetable. Earlier this year, executives from both companies agreed to accelerate implementation of the agreement. According to Mr. Cala, a financed and fully operational manufacturing plant needed to be in place quickly. "Considering other opportunities that have materialized since then, we could not afford to wait any longer." 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. --30--MG/dx* CONTACT: Cala Corporation, Oklahoma City Joseph Cala, 405/235-4960 or info@calacorporation.com |