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To: Due Diligence who wrote (38378)	3/21/2000 1:57:00 PM
From: SSP	Read Replies (1) \| Respond to of 150070

CCAA - back from the pinks means a lot, with great plans! Cala Corporation Buys Cala Hotels, Inc. of Hawaii OKLAHOMA CITY, Feb. 4 /PRNewswire/ -- Joseph Cala, Chairman and CEO of Cala Corporation (OTC Bulletin Board: CCAA - news; hereinafter, the ``Company') today announced that last Friday, January 29, the Company acquired Cala Hotels, Inc., a Hawaii corporation. Cala Hotels, Inc. owns the rights to the Undersea Resort and Hotel project and certain other assets attributable to goodwill. Cala Hotels Inc. has had many years experience in the international hotel and resort industry, particularly in Hawaii, Japan and the Far East. Consideration for the transaction was $6,000,000 of Cala Corporation, Inc. common stock. Joseph Cala, Chairman and Chief Executive Officer of the Company said, ``This is another very important step in our continuing efforts to make the 'new' Cala Corporation a growth leader in the hospitality industry and particularly in this very exciting niche containing the Undersea Resort and Hotel. While much work remains to be done and there are many challenges to be overcome in this $100 million endeavor, we look forward to our first guests for this unique vacation experience.' The Company also plans Undersea Resort and Hotel locations in Belize, Cozumel, Grand Cayman, Greece and Malta subsequent to the initial site in Hawaii. In related developments, the Company also announced the sale of the Ground Floor Cafe located in Leadership Square in Oklahoma City. Proceeds of the sale were used to retire corporate debt. Joseph Cala also announced negotiations with a prominent New York City based investment banking firm to develop a joint venture plan for the expansion of a unique European-style coffee shop and bakery concept to be located in luxury hotels owned by the banking firm and their partners. The prototype unit will be located in New York City with plans for the expansion of the concept through licensing agreement. These actions are the first in a proposed pattern of refining Cala Corporation's market position and expansion of its market scope. 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. SOURCE: Cala Corporation