Composite Automobile to be Featured At Las Vegas Money Show
3 June 1999
Composite Automobile to be Featured At Las Vegas Money Show
EL CAJON, Calif.--June 3, 1999--Composite Automobile Research (OTC BB: CARHF) announced today that the Company will be featured at the 1999 Las Vegas Money Show located at Bally's Hotel June 7-9.Composite Automobile Research, http://www.WTAWorldstar.com has developed a decentralized "micro-enterprise" approach to auto making that is ideally suited to the needs of emerging nations. The Company has developed a flexible, changeable vehicle with less than 500 parts and standardized manufacturing facilities to drop into nations with little infrastructure.
Composite Automobile Research will license local entrepreneurs and provide them with factories, parts, and supplies to become automobile manufacturers in their own country. (Most automobiles manufactured today have approximately 3,200 parts.) The Company is aggressively targeting 189 developing nations that have more than two-thirds of the world's population.
Composite's mission is to aid these developing nations by strategically placing micro manufacturing facilities within their borders to build infrastructure, create jobs, teach new skills and act as a magnet for new business, rather than importing vehicles from large factories located outside the country.
The U.S. Office of Automotive Affairs projects growth rates for motor vehicle sales in emerging countries to be ten to fifteen times higher than those in the Unites States. Over five billion people in the world do not have automotive transportation. With automotive manufacturers slow in meeting the transportation needs of emerging markets, Composite Automobile has developed a car that eliminates import tariffs and the greatly inflated selling prices.
Composite Automobile Research has the infrastructure to mass produce factories to spread around the world without incurring any debt or "over selling" its stock. The Company also benefits by having six profit centers from the licensing, manufacture and sales of the WorldStar.
The WorldStar utility vehicle will get over 35 miles per gallon or with a simple switch can use propane where gasoline is not readily available. The raw materials and components for the WorldStar will cost the local manufacturer about $4,000. The licensee/manufacturer adds about 100-200 hours of labor at the local rate and sets the local sales price at around $7,000, much less than any other new vehicle.
Composite's goal is for worldwide production of two percent of the current new vehicle market which would equal 1,000,000 WorldStar vehicles per year. The Company maintains a prototype manufacturing and training facility in El Cajon, which is dedicated to the continued success of the WorldStar vehicles.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in the future periods to differ materially from forecasted results.