CCAA, from today's 8K,
Changes in Control of Registrant
As a result of the transaction reported herein, the principal owners of Mancini Olive Oil Company, I.M.O.I.L., srl. will acquire controlling interest in Cala Corporation through the issuance of additional shares as prescribed by the merger agreement.
Item 2. Acquisition or Disposition of Assets
Cala Corporation and Mancini I.M.O.I.L., Srl Italy, have entered into a merger acquition agreement where Mancini I.M.O.I.L. will receive $5,000,000.00 worth of restricted shares upon the approval of the shareholders. An inital payment of 10,000,000 shares have been issued to the Mancini's in January 2001 from shares that were returned to the treasury by Giuseppe Cala in order to facilitate the merger. The merger also calls for Mancini I.M.O.I.L. to merge their privately held business, not including the company real estate, with annual revenues of approximately $20,000,000.00 for the year 2001 under Cala Corporation. In addition, Mancini will have full control of the Board of Directors when the merger is finalized. Giuseppe Cala will remain as Chairman and CEO of the company indefinitely.
|