Cala Corporation Divests its Interest in B-Tec of Italy.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 18, 2000 Joseph Cala, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cala Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCAA CCAA Comunidades Autónomas CCAA China Center of Adoption Affairs CCAA Companies' Creditors Arrangement Act (Canada) CCAA California Collegiate Athletic Association CCAA Commercial Collection Agency Association ), today announced that Cala Corporation has divested its 51% interest in B-Tec of Italy. Accordingly, 330,000 shares of company stock, used to secure the acquisition, will be returned to the Cala Corporate Treasury. Mr. Cala described the decision to terminate the agreement with B-Tec as an amicable one driven by two important considerations. "Cala Corporation must focus on our mission to serve our stockholders by developing into a global hospitality company. Even though rechargeable battery A rechargeable battery, also known as a storage battery, is a group of two or more secondary cells. These batteries can be restored to full charge by the application of electrical energy. technology is an exciting and potentially lucrative field, it is also a distraction to a Company like ours. We need to concentrate on that which we do best." The second factor considered in Cala Corporation's decision to terminate its agreement with B-Tec centered on B-Tec's inability to adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. an agreed-upon operational timetable. Earlier this year, executives from both companies agreed to accelerate implementation of the agreement. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Cala, a financed and fully operational manufacturing plant needed to be in place quickly. "Considering other opportunities that have materialized since then, we could not afford to wait any longer." About Cala Corporation Cala Corporation is a developing international hospitality company with a corporate emphasis on the ownership, operation and management of hotels, hotel-based restaurants, and real estate development. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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