Results of Special Shareholder Meeting & Clarification of Dividend
6 June 2000
Results of Special Shareholder Meeting & Clarification of Dividend
EL CAJON, Calif. - Composite Automobile Research Ltd., through its wholly owned subsidiary World Transport Authority, Tuesday announced that it successfully held and completed its Special Shareholders Meeting on Thursday June 1, 2000 at its El Cajon facility.This meeting was well attended by more than 9,600,000 shares submitted by mail and proxy, as well as numerous shareholders attending in person. The purpose of the meeting was to put forth three resolutions pertaining to the future of the company. The results of the meeting are as follows.
1. A resolution was put forward to change the name of the company
from Composite Automobile Research Ltd. to that of World Transport
Authority Inc. This resolution was voted on and passed by an over
whelming majority of shareholders present as well as votes that
were submitted by mail. The company is now in the process of
fulfilling the necessary regulatory obligations to effect the name
change, to occur on Sept. 1, 2000.
2. A resolution was put forward to increase the authorized capital
stock of the company to that of being unlimited. This resolution
was voted on and passed by an over whelming majority of
shareholders present as well as by votes that were submitted by
mail. The company is now in the process of fulfilling necessary
regulatory obligations to effect this resolution to become
effective, and in place on Aug. 31, 2000.
3. A resolution was put forward to set a recordation date for a 4 for
1 forward split of the company's common shares that had been
previously approved by the board of directors of the corporation.
This resolution was voted on and approved by an over whelming
majority of shareholders present as well as by votes that were
submitted by mail. The recordation date for the 4 for 1 share
split of the company's common shares will be Aug. 31, 2000.
Therefore shareholders of record as of Aug. 28, 2000 will be
entitled to the share split and shareholders of record Aug. 29,
2000 and beyond will not be entitled to the split, if they
purchase shares after Aug. 28, 2000 on a brokerage settlement
basis.
Upon these three resolutions being put forth to the shareholders and passed favorably by the majority of shareholders present and by those represented by mail-in votes and proxies, this portion of the meeting was officially closed.
At this point the meeting was informed that the board of directors of the corporation have voted in favor of issuing a dividend to the shareholders of the corporation to be effective Dec. 31, 2000 or Jan. 1, 2001 based on tax advice it receives prior thereto. This dividend will consist of the majority of the Greenvolt Inc. (note name change: PanAmerican Automotive Corp.) shares that WTA received for the purchase of the Master License for the country of Costa Rica. WTA received 7 million common shares of PanAmerican Automotive Corp. valued at a total cost of U.S. $800,000 for the purchase of the Master License. The board of directors of the corporation have voted to issue 6 million of the 7 million as the dividend, while maintaining 1 million of the shares for the corporation. It is expected that the shares of PanAmerican will be quoted for trading sometime in the near future and that the corporation will release news of this as it becomes available and as the corporation deems it to be prudent.
Regarding the dividend, company Chairman and Chief Executive Officer Lyle Wardrop was quoted as saying, "It is our pleasure to be able to reward all of the shareholders of the company 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.
