(BSNS WIRE) WTA Signs Master License for Guinea; First Female Owner
WTA Signs Master License for Guinea; First Female Owner
Business Editors/Automotive Writers
EL CAJON--(BUSINESS WIRE)--Sept. 22, 2000--World Transport
Authority Inc. (WTA)(OTC BB:WTAI)(POH:Frankfurt) is pleased to
announce that it has signed a Master License with African American
Motors Ltd., effective Sept. 20, 2000 for the supply of factories and
automotive components to assemble the WorldStar vehicle in the
Republic of Guinea.
Senior Vice President Joseph W. Parker and Madame Sidibe M'Mah
signed the contract in WTA's Washington DC office. Madame Sidibe is
Chairperson of African American Motors Ltd. in Conakry, Guinea. With
her signature, she becomes WTA's first female Master License owner.
"I am so pleased to be affiliated with WTA, and to have the
opportunity to build and sell the WorldStar(TM) in my country," stated
Madame Sidibe after the contract signing. "My country has such a
pressing need for simple, strong, inexpensive vehicles. Moreover, we
need industrial development and jobs. WorldStar(TM) will be the first
automobile ever assembled in Guinea, and we will sell them for much
less than imported vehicles."
According to Senior VP Joseph W. Parker, the contract will
generate approximately $1.5M in annual revenues for WTA. "In many ways
this contract is more significant than larger contracts announced
recently. Guinea is exactly the kind of country for the WorldStar(TM)
vehicle design and manufacturing system. No other automotive
manufacturer could justify the economics of a manufacturing facility
there, let alone an $8,000 MSRP for the vehicle. Madame Sidibe will do
it, and do it profitably."
Simeon Nnah, president of African American Motors Ltd. explained
the company's market strategy: "We plan to start with a single
production line, and build our business from there. The 324-vehicle
production line capacity represents almost one third of the country's
annual new vehicle sales. The WorldStar(TM) price is actually lower
than most of the 3,000 used cars imported annually into Guinea. We
believe most of the used car customer base will want a new
WorldStar(TM) for less cost than a ten-year-old import."
Guinea has a population of approximately seven million, and is the
world's second largest high-grade bauxite producer. Eighty percent of
the population is engaged in agriculture. Guinea also exports diamonds
and gold. Despite this, the country's economy requires significant
diversification and development.
World Transport Authority Inc. serves the emerging world's
transportation needs through in country manufacturing facilities,
using local semi-skilled labour 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.
--30--ts/sd*
CONTACT: World Transport Authority Inc.
Lyle A. Wardrop, 619/444-7254, Fax 619/444-9026
or
Renmark Financial Communications
Henri Perron, 514/939-3989, Fax 514/939-3717
info@renmarkfinancial.com
renmarkfinancial.com |
