(COMTEX) B: CALA CORP - Cala/Mancini File Form 8-K Changes In Control
B: CALA CORP - Cala/Mancini File Form 8-K Changes In Control Of Registrant
New York, New York, May 07, 2001 (Market News Publishing via COMTEX) -- Joseph
Cala, chairman and CEO of Cala Corporation and Quirino Caparrelli, general
manager of Mancini I.M.O.I.L., imoil.com announced they have filed
the Form 8K with the Securities and Exchange Commission. Cala Corporation and
Mancini I.M.O.I.L., Srl Italy, have entered into a merger acquisition agreement
where Mancini I.M.O.I.L. will receive $5,000,000.00 worth of 3 year restricted
shares valued based upon the closing ask price on the day immediately preceding
closing. An initial 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.
The merger/acquisition, which was effective retroactive to 1/01/01, will be
incorporated in the first quarter filing (10Q) reported under generally accepted
United States accounting principles. The 10Q will be filed by May 15, 2001.
Financial Statements will be released with the proxy and filed with an amendment
to this 8-K.
About Mancini I.M.O.I.L.
Mancini I.M.O.I.L. has been producing and selling olive oil products for over 40
years. Annualized revenues are approximately USD $20M. USD $6M of which are
realized in the United States. Currently, Mancini olive oil is distributed in
the United States by Manzo Foods, Miami, Fla., under the labeling of Genesio
which is sold to Romano's Macaroni Grill Restaurants, a division of Brinker
International brinker.com (NYSE:EAT). More information about Mancini
I.M.O.I.L. is available at imoil.com.
About Cala Corporation
Headquartered in San Jose, Calif., Cala Corporation is a developer of
international businesses with a corporate emphasis on Undersea Resort
hospitality. Cala Corporation provides over 20 years of experience on doing
business globally. The corporation's international infrastructure extends from
the United States to Europe and Asia.
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.
CONTACT: TEL: 408/984-3663 Cala Corporation/Mancini, San Jose
Joseph Cala
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
(C) 2001 Market News Publishing Inc.
-0-
KEYWORD: New York, New York
*** end of story *** |
