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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: Jim Bishop who started this subject9/18/2000 11:08:03 AM
From: SSP  Read Replies (2) of 150070
 
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
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