REPEAT/Cala Acquires 100% of Spa Resorts International, Inc.Business Editors/Travel & Hospitality Writers REPEATING... OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 12, 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 ), has just completed the acquisition of Spa Resorts International, Inc., a privately held Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. . Among other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , Spa Resorts International, Inc. has completed the negotiations for the land acquisition of 1,400 acres in Cabo San Lucas Cabo San Lucas (popularly known as just Cabo) is a small city at the southern tip of the Baja California peninsula at , in the municipality of Los Cabos in the state of Baja California Sur, Mexico. , Baja Sur, Mexico. The land has nearly one mile of beach frontage with an appraised value of $20 million. The land will be used to develop a $520 million mega-resort, including an Arnold Palmer Golf course, Grand Tourismo boutique hotel, 50,000-square-foot world-class health spa, tennis ranch, polo fields, marina and yacht club, artisan village and more. "Funding is nearly complete," said Arthur Firmes, A.I.A., President and CEO of Spa Resorts International, Inc. Mr. Firmes will head up SRI as a division of Cala Corporation. Mr. Firmes has over 30 years of experience in spa resort design and development, working on such renowned spas as La Costa in Carlsbad, Calif.; Marriott Hotel in Palm Springs, Calif.; Camelback cam·el·back adj. Shaped like a hump or an arching curve. n. New Orleans A narrow house with one story in front and two in the rear. See Regional Note at beignet. Inn, Scottsdale, Ariz.; El Tapatio Resort, Guadalajara, Mexico; and the President's Health Club in Manila, Philippines. A simultaneous development is being launched by Spa Resorts International, Inc. in Jamaica which will include The U-Sea Habitat, and undersea hotel, aquarium, research facility and casino. This project will include a 750-acre development with an estimated $580 million price tag. It will be very similar to Rancho del Cabo in quality, facility, structure and marketplace. Funding for this project is well on its way to being completed and is expected to be finished within 90 days. Lot sales for both of these projects will commence early in the year 2001. The Jamaica resort is operational and presenting "cash flow" at this moment. Along with its Sicilian project, this acquisition puts Cala Corporation squarely in the middle of the up-scale mega-resort and development industry. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion