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To: voyagers_stocktips who wrote (48929)	5/31/2000 10:05:00 AM
From: Joe Copia	Read Replies (1) \| Respond to of 150070

CCAA news: Wednesday May 31, 9:45 am Eastern Time Company Press Release SOURCE: Cala Corporation Cala Corporation Signs $150 Million Hotel Development Contract OKLAHOMA CITY, May 31 /PRNewswire/ -- Joseph Cala, Chairman and CEO of Cala Corporation (OTC Bulletin Board: CCAA - news) today announced that Cala Corporation has signed a development agreement to build a five star hotel in Istanbul, Turkey. Cala Corporation has entered a joint development partnership with the noted Southern Italian engineering and architectural firm of AGS srl. headquartered in Caltanissetta, Italy. AGS srl. is most noted for its exquisite craftsmanship on cathedrals throughout Europe. Cala Corporation will own a 51% interest in the development contract. The estimated cost of the hotel development project is 150 million dollars. The architectural plans and specifications are nearing completion. The Bank of Rome has an agreement with AGS srl. to provide financing for the project. Mr. Cala stated that Cala Corporation is continuing negotiations to secure the management contract to operate the hotel. Mr. Cala has also announced that Cala Corporation has engaged the services of Dr. LaRocca of Catania, Italy to assist with the due diligence process for the Company's previously announced offer to purchase Costanzo Industries. In an unrelated matter, Mr. Cala announced that Cala Corporation has negotiated the termination of its agreement to develop a Cascina Restaurant in the Radisson Hotel, Fisherman's Wharf, San Francisco. Mr. Cala reported that his recent acquisition efforts on behalf of Cala Corporation make ownership and operation of a single restaurant in California unrealistic. About Cala Corporation Cala Corporation is a developer of international hospitality businesses with a corporate emphasis on the ownership, operation and management of hotels, resorts and casinos. 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. SOURCE: Cala Corporation