Worldstar Accredited in Philippines

    SANTEE, Calif.--May 3, 2001--World Transport Authority Inc. (OTCBB:WTAI)(Frankfurt: 920943) (WTA) Thursday announced that CBN World Star Inc. (CBN), has accomplished a major requirement to fulfill its business plan.
    CBN is the Master License Holder to manufacture and distribute the WorldStar utility vehicle in the Philippine Islands. In addition, CBN has acquired a "Certificate of Accreditation" from the Philippine government, which grants CBN the right to sell and distribute the WorldStar, a composite utility vehicle, throughout the Philippines.
    CBN earned its accreditation after six months of meetings with officials involved in the process. Issuance of this certificate was difficult to accomplish primarily due to concerns from the government entity in charge of approving new manufacturers about the new technology involved in building the WorldStar. The accreditation required signatures from department heads of more than 15 government agencies in the Philippines. Among the endorsements were those of the Department of Science & Technology, the Industrial Technology Development Institute, the Bureau of Product Standards, the Department of Transportation & Communication, and the Land Transportation Office.
    In response to the receipt of accreditation, John Banning, president of CBN noted, "Not even the slightest modification or adjustment was made to achieve accreditation. Most companies going through the same process have been required to make some kind of change to satisfy the government's requirements. The delay was due to the government's unfamiliarity with composite construction and the strength and durability it gives the vehicle. After testing was completed, these agencies were convinced of the merits of the design. In fact, the Philippines Department of Transportation & Communication is now interested in purchasing WorldStar vehicles for government use."
    World Transport Authority Inc., the developer of the WorldStar vehicle, considers the Philippine Government's acceptance of WorldStar as an Accredited Manufacturer a significant milestone. CBN reports that it has undertaken complete sales, marketing and advertising promotion, and expects by the end of the summer it will sell its complete 324 vehicle annual production for the Philippines. This projection is based on pre-arranged sales with financial institutions and leasing companies, as well as the numerous inquires received at the CBN corporate office. These new developments further pave the way for other Asian Master License Holders endeavoring to manufacture and distribute the WorldStar vehicle.

    Visit to WorldStar facility by China Representatives

    Three delegates from Beijing, China are presently visiting the WorldStar facility at Clark Special Economic Zone in Pampanga. Upon completion of their visit, they are expected to place an initial factory order for export to China. CBN will be responsible for the production of these factories in the Philippines.

    Update on Dividend

    WTA has previously announced its intention to distribute as a property dividend the common stock it holds in Pan American Automotive Inc. (OTC:PAAT). WTA established Feb. 14, 2001 as the recordation date for this dividend. The dividend will be issued in the form of one share of PAAT common stock per one share of WTA stock, which was owned as of the record date.
    WTA has been advised by its counsel that according to a recent SEC opinion, the PAAT shares must be registered under the Securities Act of 1933. WTA has requested that PAAT, its majority-owned subsidiary, register the shares. Until such time as the registration is completed, WTA will hold the shares in trust for its shareholders. Upon the completion of the registration, the PAAT certificates will be distributed to the shareholders.
    WTA recently announced its move to new office space in Santee. Refer to the new WTA Web site at www.WTAIworldstar.com. World Transport Authority's address is 8402 N. Magnolia Ave., Ste. C, Santee, CA 92071. Phone: 619/258-2858. Fax: 619/258-2857. Investor Relations is at 619/258-2858.

    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.