Thursday, March 30, 2006


UnderSea Resort Sells The First 100 Weeks Of Timeshare Ownership

The Cala Corporation (Pink Sheets:CCAA), dba UnderSea Resort is pleased to announce that the first 100 weeks of timeshare ownership have been reserved by prospective buyers. The Company must sell an additional 2,900 weeks before lenders commit to funding the $400 million project.

The average life price per week is $50,000 for a 1,000 square foot timeshare unit, and $100,000 for a 2,000 or 3,000 square foot unit. Therefore, each location has an inventory of approximate 14,500 or about $725 million. The company is in discussions with world class destinations such as San Francisco, Miami, Cancun, Cozumel, Cabo San Lucas, Hawaii, Monte Carlo, Monaco and Venice, Italy.

The Company believes that pre-selling the mandatory 3,000 timeshare weeks, which will translate into $150M, is feasible because most of the buyers will purchase several weeks or the entire 52 weeks. The reservation funds will be deposited into escrow with Chicago Title in Escondido, California. It is important to point out that The Chicago Title Escondido location processes approximately 50,000 such transactions per month. This office specializes in closing such escrows.
Here comes a new timeshare real estate event.

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