WTA Announces Major Philippine Factory Sale
14 January 1999
WTA Announces Major Philippine Factory Sale
EL CAJON, Calif.--Jan. 13, 1999--World Transport Authority Inc. announced that yesterday, its corporate headquarters in El Cajon had received the following announcement from CBN Philippines Inc., the WTA Master License holder for the Republic of the Philippines:
Air Force City, CLARK SPECIAL ECONOMIC ZONE: Pampanga, Philippines
Negotiations were concluded with the signing of Manufacturing and Distribution License Contracts for the production and sale of the WorldStar line of utility vehicles in the Republic of the Philippines. The SALAKOT MULTI-PURPOSE COOPERATIVE, a co-op composed of active duty and retired officers of the Philippine Air Force; holds the exclusive rights for all concessions within the boundaries of the high profile CLARK SPECIAL ECONOMIC ZONE.
President of CBN Philippines Inc., John Banning, and CBN staff met with Major Alonso P. Canete, president/chairman and SALAKOT staff for the signing ceremony at SALAKOT's offices on Jan. 12, 1999.
Philippine Air Force Colonel Manuel L. Carranza Jr., (GSC) Wing Commander for the 600th Air Base Wing was a signatory witness endorsing his support for the "BLUE STAR PROJECT" as the WorldStar has been designated.
Douglas Norman, founder, and Thomas Bowers, president of Composite Automobile Research Ltd., extended telephone congratulations on behalf World Transport Authority Inc. to the signing ceremony participants in the Philippines.
The SALAKOT MULTI-PURPOSE COOPERATIVE has signed a contract for the installation of a three-vehicle-per-day Manufacturing and Distribution Facility to be in place at Clark Field, Pampanga, the Philippines. CBN Philippines signed a 10 year term facilities and operation management contract for the WTA factory.
The agreement also calls for the SALAKOT group to assume the marketing and sales responsibility for the military, police, and selected major utility companies of the Philippines.
World Transport Authority Inc., is a wholly owned subsidiary of Composite Automobile Research Ltd. (OTC BB:CARHF). WTA is the only company serving the transportation needs of developing nations worldwide. This is accomplished with in-country factories employing local labor to manufacture utility vehicles to be sold and serviced in their native countries. Please visit the WTA Web site at WTAWORLDSTAR.com for additional information.
This press release contains forward-looking statements that should not be used to make an investment decision.