Nigeria Signs On With WTA EL CAJON, Calif.--(BUSINESS WIRE)--May 25, 2000--Composite Automobile Research Ltd.
(OTCBB:CARH)(POH:Frankfurt), through its wholly owned subsidiary World Transport Authority (WTA), Thursday announced that it has entered into a Letter of Agreement (LOA) with SIGWA Motors of Lagos, Nigeria regarding the purchase of the Master License for the country of Nigeria.
Pursuant to the (LOA), it is expected that senior executives from SIGWA Motors as well as governmental officials from Nigeria will be travelling to WTA's offices. They are expected to arrive May 29, 2000. The purpose of their visit is to personally inspect the WTA facilities and to further negotiate and fine-tune the (LOA) leading to the eventual signing of an official Master License agreement, expected to occur with in 60 days.
Included in this visit and period of negotiation, it is expected that a price for the Master License will be determined along with terms, and a substantial up front cash deposit to be paid to WTA.
WTA Sales Director Scott Wilkinson voiced considerable enthusiasm for the Letter of Agreement. "Nigeria, with a population of almost 130 million people, is one of the most populous countries in Africa and is a country extremely well suited for the WorldStar vehicle as well as WTA's unique micro-manufacturing process.
Nigeria is very strategic to the development of our long term business plan for continental Africa." Nigeria is a member of OPEC, and is one of the largest petroleum exporting countries in the world. Although the country's economy remained stagnant throughout the 1990s, largely due to political instability, with the return of democracy in 1999 a recovery is occurring that has reached almost every region of the country.
WTA will release additional information regarding the Master License sale for Nigeria as it becomes available and as the company deems it to be prudent, by way of company news 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 at WWW.WTAWorldstar.com and other sources for more detailed information. --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 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire
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