OKLAHOMA CITY Joseph Cala, chairman/CEO of Cala Corp., reported that the company would not pursue the following projects due to the negative feedback that was received by auditors hired during Cala s due diligence process period: The Water Development Agreement/Turkey, The Hotel Development Agreement/Turkey, The Spa Resorts International/Cabo San Lucas, The Costanzo Construction Bid/Sicily, The Management of Montecatini/Tuscany. All projects failed to meet the GAAP standards. In addition, Mr. Cala announced the closing of the Ground Floor Cafe due to the progressively declining sales, outdated concept and stiff competition from national restaurant chains. (1/2/01)
