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To: Due Diligence who wrote (75228)	12/29/2000 2:18:25 PM
From: Jim Bishop	Respond to of 150070

CCAA in the news.....sheesh .041 x .0525 and heading down. oklahoman.com Restaurant closed over unpaid taxes 12/29/2000 By Gregory Potts Business Writer The Oklahoma Tax Commission has closed the Ground Floor Cafe on Western Avenue in Oklahoma City for failure to pay taxes, a commission spokeswoman said Thursday. Paula Ross said the commission has not filed a tax warrant, and the exact amount owed is not yet public information. The downtown Ground Floor Cafe in Leadership Square is separately owned and is unaffected by the closure. The Western Avenue location in the Nichols Hills Plaza is owned by Cala Corp., which was based in Oklahoma City before it recenlty relocated its headquarters to San Jose, Calif. There was no answer at the company's San Jose office Thursday. However, Steve Breeze, an accountant at the company's Oklahoma City office, attributed the closure to some sort of "confusion" between Cala Corp. and the Oklahoma Tax Commission. Ross, however, said the restaurant was closed only after a number of attempts to contact the company and collect. Breeze said Joseph Cala, the company's president and chief executive officer, was in Europe and unavailable for comment. The company also maintains an office in Milano, Italy. Cala Corp. is traded as an over-the-counter stock. The company's stock closed at just 6.5 cents a share Thursday, down a penny from Wednesday. Cala bought the two- restaurant chain in July 1998 from Creative Restaurant Concepts. The company sold the downtown location to Restaurant Acquisition Corp., owned by Tracey Slover and Teddy Mitchell, in February. Breeze said the company is trying to sell its remaining location and is negotiating with several potential buyers. Cala Corp. has announced a plan to develop the world's first undersea hotel and casino as its primary growth strategy. Breeze said the company is still pursuing those plans. For the nine-month period that ended Sept. 30, Cala Corp. reported revenues of $1.5 million and a net loss of $157,000.