PanAmerican Goes Public
EL CAJON, Calif., Aug 15, 2000 (BUSINESS WIRE) -- Composite Automobile Research
Ltd. (OTCBB:CARH) (Frankfurt:POH), through its wholly owned subsidiary World
Transport Authority Inc (WTA) is pleased to announce that the common shares of
PanAmerican Automotive Corporation (formerly Greenvolt Inc) will be quoted for
trading on Wednesday, August 16, 2000.
The trading symbol for the company is PAAT and the sponsoring brokerage firm is
Equitrade Securities Corporation, located in Lake Forest, California.
On March 28, 2000 WTA and PanAmerican entered into an agreement whereby
PanAmerican agreed to purchase the Master License for the production of the
WorldStar vehicle and enabling it to sell sub-licenses for the production of
additional factories to produce the vehicles for the country of Costa Rica.
Consideration for the purchase of the Master License was USD$800,000, satisfied
by PanAmerican issuing 7,000,000 shares of its common shares to WTA at a cost of
USD$.11 per share. Additionally PanAmerican was granted an option to purchase
the Master Licenses for the countries of Nicaragua, Honduras, Guatemala, Belize
and San Salvador for USD$500,000. This option was granted for a period of 18
months.
PanAmerican Company director Michael E. Keller is quoted as saying, "We are very
pleased to have our shares now quoted for trading. This should now give us
access to the capital markets for the purpose of raising the necessary capital
required to carry out our business plan for the Central American marketplace. We
will now have the means in which to carry out additional acquisitions, as they
become available to the corporation. PanAmerican is very pleased to have WTA as
its major shareholder and looks forward to developing the opportunities it
presently has and any new situations that may arise."
WTA President and CEO Lyle Wardrop is quoted as saying, "We are extremely
pleased with the most recent developments for our partner PanAmerican Automotive
Corporation. We look forward to working closely with them and to helping them
achieve the maximum success for their business in Costa Rica. Further to this,
as we have announced in our company news release of June 6, 2000, it is the
intention of WTA to issue 6,000,000 of the 7,000,000 shares that it has received
for the purchase of the Master License for the country of Costa Rica as a
dividend to our shareholders. This will be done once the company has received a
Tax Opinion and is expected to occur on either December 31, 2000 or January 1,
2001. As I have been quoted as saying in the past, it is our pleasure to be able
to reward all of our shareholders in this way whenever the opportunity presents
itself."
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. Please refer to the WTA web site
WWW.WTAWorldstar.com and other sources for more detailed information. Investor
Relations is at 619/387-8888
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
Email: info@renmarkfinancial.com
Web: renmarkfinancial.com |
