World Transport Authority, Inc. - Cooperative Union of the Philippines to Manufacture WorldStar(TM) Vehicles
EL CAJON, California, Oct. 23 /PRNewswire-FirstCall/ - The Cooperative Union of the Philippines (CUP) is now the World Transport Authority, Inc. (WTAI) (OTC Bulletin Board: WTAI; Frankfurt: 920943) Master License Holder to manufacture and sell the WorldStar(TM) vehicle in the Philippines. Acquiring the exclusive territory of the Philippines by signing an agreement with CBN Philippines to transfer the License, CUP takes immediate formal conditional control of the Philippines' Master License. Per the terms of the agreement, CUP also agreed to prepare performance projections within fifteen days of finalizing the agreement, to detail the number of site licenses to be sold during the last quarter of 2002 and during fiscal years 2003 and 2004.
CUP was established in 1979 as an apex organization of national cooperative federations and unions at the regional, provincial and city levels. CUP is a CDA accredited national apex organization of affiliated National Federations and Cooperative Unions at all levels. CUP is a member of the International Cooperative Alliance (ICA) and various cooperative organizations in the Asian and Pacific Region. It is collectively owned by the Cooperatives and works for the benefit of all Cooperatives in the Philippines regardless of type or affiliation.
CUP's vision is a Philippine society where there is equity, democracy, social justice and sustainable development. The Secretary General of the CUP, Mr. Felix A. Borja, stated, "This is a huge step forward for us, that allows our 37,000 separate Cooperatives to build and own their factories, to produce their own vehicles, by and for our people, and to create employment in rural areas in accordance with the government program of developing the countryside." Mr. Borja continued, "We intend to have five plants operational within the next eight months, with a further ten plants the following year. This is a unique opportunity for us to be able to control our own destiny in the world of automobile manufacturing with the continuous support of our partner WTAI. We can be a real help in the fight against poverty."
John Tidy, Vice President of Operations for WTAI, voiced the enthusiasm of the company, when he commented, "CUP was initially introduced to the WorldStar(TM) vehicle knowing that the diverse industries included in the cooperatives have an essential need for strong, sturdy, durable and non- rusting vehicles. CUP's interest in the WorldStar(TM) reached beyond a desire to purchase vehicles. The leaders of CUP immediately understood the benefits to the Philippines economy, the Cooperatives and the laborers in the Philippines, of producing the WorldStar vehicle within there own country - a vehicle produced by Filipinos for the Philippines' market."
SOURCE World Transport Authority, Inc.
CONTACT: World Transport Authority, Inc.: Lyle Wardrop,
lyle@wtaiworldstar.com, (619) 593-2440, Fax: (619) 593-2444 or: Renmark
Financial Communications, Inc.: John Boidman: boidman@renmarkfinancial.com;
Michael Small: msmall@renmarkfinancial.com; (514) 939-3989,
Fax: (514) 939-3717, www.renmarkfinancial.com; Media : Renmark Financial
Communication Inc.: Dominic Sicotte: dsicotte@renmarkfinancial.com,
(514) 939-3989, Fax :(514) 939-3717
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