CARH Factory Capacity Increases
Business Editors/Auto Writers
EL CAJON, Calif.--(BUSINESS WIRE)--May 16, 2000--Composite
Automobile Research Ltd. (OTCBB:CARH) (POH:Frankfurt), through its
wholly owned subsidiary World Transport Authority (WTA) is pleased to
announce that it has entered into a Memorandum of Understanding (MOU)
with C-to-C Corporate Resources Inc. (CCCR) of Montreal, Quebec
Canada.
Pursuant to the MOU, CCCR and WTA have agreed to form a joint
venture for the purpose of building factories expressly for the
production of the WorldStar(R) vehicle, to be shipped worldwide.
C-to-C Corporate Resources Inc. is proposing to build two factories,
one on the east coast of Canada to build and ship factories to sectors
such as Western Europe, Africa and the Caribbean market place. The
second factory will be built on the west coast of Canada and will
primarily build and ship factories for the rapidly developing Asian
market place, i.e., China.
6 President Michael MacInnis declared, "CCCR, by being a fully
Canadian company, feels that it may perhaps qualify for grants offered
by the Canadian Export Development Agency, whereby under certain
circumstances, financing of export sales to qualified countries can
occur. This program, in CCCR's opinion, could greatly accelerate the
conclusion of sales for factories to many countries." Further to the
MOU it is incumbent upon CCCR to provide all of the necessary funding
for the start-up, the building and equipping of the two factories, as
well to under write all costs associated with the staffing of the two
factories.
WTA Chairman and Chief Executive Officer Lyle Wardrop stated,
"Canada enjoys a very friendly and favorable relationship with several
emerging countries, such as many of the African countries as well as
many of the former Soviet Union countries. These business and
political relationships will enable WTA, through it's joint venture
with CCCR, to enter markets formerly thought to be difficult, and now
because of this business relationship, felt to be much more
accessible."
C-to-C Corporate Resources Inc. has a strong presence in the
telecommunications, high technology and health care industries and is
now looking forward to applying its energies and talents towards the
automotive sector via its relationship with WTA.
6 At such time that all negotiations are concluded and final
documentation has been entered into by both parties, WTA will release
additional details by way of company press release.
Composite Automobile Research LTD and World Transport Authority
Inc. serve the emerging world's transportation needs through in
country manufacturing facilities, utilizing local semi-skilled labor
to produce the WorldStar(R) line of utility vehicles.
This press release contains forward-looking statements within the
definition of Section 27A of the Securities Act of 1933, as amended
and such section 21E of the Securities Act of 1934, amended. These
forward-looking statements should not be used to make an investment
decision. Refer to the WTA Web site WWW.WTAWorldstar.com and other
sources for more detailed information.
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CONTACT: World Transport Authority Inc.
Lyle A. Wardrop, 619/444-7254, Fax 619/444-9026
or
Renmark Financial Communications
514/939-3989, Fax 514/939-3717
info@renmarkfinancial.com
renmarkfinancial.com |
