The Teichmueller functor maps the category of elliptic curves over the field
of characteristic zero to a category of the Effros-Shen algebras. In the
present note, we extend the functor to include the elliptic curves over the
field of characteristic p. In particular, it is shown that the localization of
a commutative ring at the maximal ideal corresponds to a crossed product of the
Effros-Shen algebra by the p-th power of its shift automorphism. The
Cuntz-Krieger algebra is, therefore, an example of the noncommutative local
ring.