Composite Automobile Research Update.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)--Sept. 29, 1999-- Composite Automobile Research Ltd., (CARH CARH Council for Affordable and Rural Housing CARH Coalition for Affordable and Reliable Health Care CARH Community Assistance for the Retarded and Handicapped : OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB) announces Mr. Lyle Wardrop, Chairman of the Board of Directors, has been elected to the additional duties of President and Chief Executive Officer as of Friday, September 24th, 1999. World Transport Authority, Inc., the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CAR, announced that the entire 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) Manufacturing and Distribution Factory, which will build the WTA proprietary line of utility vehicles in Cali, Colombia, will be shipped Monday and Tuesday of this week from its El Cajon headquarters. Production of the Colombian made WorldStar line of utility vehicles for local sale as well as for export, will begin in October 1999. WTA also announced that its WorldStar utility vehicle which has been sent to Bosnia, will be the featured automobile in the large industrial fair being held in the former Yugoslavia on October 11th and 12th. WTA has a Letter of Intent for a basic M&D factory to be located in Sarajevo. The WorldStar has created a great deal of interest as it has traveled across Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). headed for the Bosnia show. World Transport Authority is the designer and manufacturer of the WorldStar Vehicle. The 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 component parts. The company is strategically positioned to satisfy the rapidly emerging requirements for reliable transportation in geographic regions ignored by major auto manufacturers such as Ford (NYSE NYSE See: New York Stock Exchange :F - news), 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 - news), and General Motors (NYSE:GM - news). WTA has completed its research and development cycle and is operationally profitable entering its production and marketing stage. The company has no debt. 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 statements 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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