CarCorp USA Inc. Board of Directors Announces Withdrawal From Financing Term Sheet.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Sept. 9, 2002 CarCorp USA Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUSA CUSA Conference USA (Collegiate Athletic Conference) CUSA Carleton University Students Association (Canada) CUSA Certified Utility Safety Administrator (US National Safety Council) ) Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael DeMeo stated, "Today, after conducting additional due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on Ravillon Finance Ltd., the CarCorp USA, Inc. board of directors has decided to exercise its right to withdraw from the term sheet referred to in the September 4 and 6, 2002 press releases. The Company will continue to pursue debt-based financing from other sources and will update the marketplace when such financing arrangements are reached." DeMeo added, "The Special Committee referred to in our August 28, 2002 press release is scheduled to meet this Wednesday to discuss matters related to the Company's past issuances of shares to certain consultants. I expect that Mr. Claude Kirk, the Chair of the Special Committee, will announce the results of the Wednesday meeting soon thereafter." Forward-Looking Statements: Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public. |
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