EL CAJON, Calif.--(BUSINESS WIRE)--May 23, 2000--Composite
Automobile Research Ltd. (OTCBB:CARH)(POH:Frankfurt), through its
wholly owned subsidiary World Transport Authority Inc. (WTA), Tuesday
announced the following updates to news releases of the above
mentioned dates.
Regarding the company news release of March 30, 2000, WTA is
pleased to announce the Special Shareholders Meeting scheduled for
June 1 is proceeding. At this meeting the shareholders will be asked
to consider and to vote on several items of business to be put forth.
Chief amongst these items will be for the shareholders to consider a
name change for the company, from Composite Automobile Research Ltd.
to that of World Transport Authority Inc. Secondly the company will be
seeking approval for a Recordation Date for its proposed forward 4 for
1 share stock split. Please note that the board of directors of CARH
has unanimously approved the share split and are seeking only the
approval of a Recordation Date at this meeting. Additionally, any
other business that is properly presented for review and ratification
will be considered at the Special Shareholders Meeting.
The company
shall issue a company news release as expeditiously as it deems
prudent regarding the results of business conducted at the meeting.
Regarding the company news release of April 27, 2000, WTA is
pleased to announce that in conjunction with it ordering 1,000 private
labeled Fiat engines, its licensees in the Philippines and Columbia
have now begun receiving the Fiat engines for production runs. WTA has
dispatched company engineers to each of the countries to ensure a
smooth transition for implementation of the WorldStar(R)/Fiat engines
into the Philippine and Columbia production programs.
Regarding the company news release of May 11, 2000, WTA is pleased
to announce the following update. Presently senior officials of WTA
are in China, inspecting the facilities of the prospective purchaser
of the Master License for the production of the WorldStar(R) vehicle
in the country of China. This inspection of their facilities by WTA
officials is a key component to reciprocal due diligence agreed to by
both parties in a Letter of Understanding entered into on April 27,
2000. Senior officials of the company are expected to return to the
company offices in El Cajon no later than May 27, 2000.
WTA Chairman and Chief Executive Officer Lyle Wardrop stated,
"Regarding China, we anticipate that upon a favorable review of all of
the data compiled to date and including an analysis of the in progress
inspection of their facilities, that WTA and the perspective purchaser
will be able to move forward quickly into final and definitive
agreements regarding this transaction."
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 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. Investor relations is at
619/387-8888.
--30--js/sd*
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
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