Composite Automobile Research: World Transport Authority details $2.6M South American Sale.EL CAJON El Cajon (ĕl kähōn`), city (1990 pop. 88,693), San Diego co., S Calif.; inc. 1912. Electronic equipment, aircraft parts, irrigation equipment, furniture, and men's suits are among its manufactures. , Calif.--(BUSINESS WIRE)--June 16, 1999-- World Transport Authority (WTA WTA Washington Trails Association WTA Women's Tennis Association WTA World Transhumanist Association WTA Willingness to Accept WTA Winner-Take-All WTA Winner Takes All WTA World Toilet Association (Singapore) ), a wholly-owned subsidiary of Composite Automobile Research, Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CARHF) announced today details of the sale of the "Master License" for the countries Panama, Venezuela, Colombia, and Ecuador to WorldStar Andino, Inc. of Columbia, for $2.625 million. Senor Carlos Ronderos Torres, former Minister of Trade for the Republic of Colombia, is general manager of WorldStar PAEX, S.A., the Manufacturing and Distribution license holder under agreement with WorldStar Andino. PAEZ, outside of Cali, Colombia, provides substantial tax relief considerations for new businesses coming into the area. The Colombian central government has endorsed the deal, which will provide the first South American automobile factory owned and operated by local citizenry cit·i·zen·ry n. pl. cit·i·zen·ries Citizens considered as a group. citizenry Noun citizens collectively Noun 1. for sale to local citizenry. Colombia, Ecuador and Venezuela are "Andino Pact" nations that allow for duty-free import of automobile parts and most components. The WorldStar Vehicle, in four configurations, represents four years and $3.44-million of investment in research and development to produce a highly resilient composite automobile that can be easily manufactured using locally available labor in emerging-world nations. The vehicles are produced under distributed manufacturing licensing agreements with local entrepreneurs in the nations in which the vehicles are sold. Standardization and quality control are built-in to the "cookie-cutter" facilities delivered to site locations "ready-to-install," under the supervision of WTA engineers who train key personnel in all facets of manufacturing of the unique automobiles. The Company provides ongoing training and management information support to the local factories, and controls all inventory delivery of raw materials and components parts. The Company is strategically positioned to satisfy the rapidly emerging requirement for reliable transportation in geographic regions ignored by major auto manufacturers such as Ford (NYSE NYSE See: New York Stock Exchange :F), Chrysler (NYSE: DCX DCX DaimlerChrysler Ag (stock symbol) DCX Dixie Chicks (American country rock band) DCX Multipage PCX (file extension/format) DCX Double Convex DCX Double Charge Exchange ), and General Motors (NYSE:GM) WTA has completed its research and develoment cycle and is operationally profitable entering its production and marketing stage. The Company has no debt. WorldStar Andino has entered into a letter of intent for the purchase of a factory for installation near Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. , Panama. A feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. is underway. WorldStar Andino is current with all payments to WTA and is in negotations to provide fleet vehicles to a major cargo carrier in the region. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the definition of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statments are based on the beliefs of the Company's management as well as on assumptions made by and information currently available to the Company at the time such statements were made. Actual results could differ materially from those included in such forward-looking statements. |
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