Composite Automobile Research, Ltd. Gets Nod on Stock Symbol Change
3 September 1999
Composite Automobile Research, Ltd. Gets Nod on Stock Symbol Change
EL CAJON, Calif.--Sept. 2, 1999--Composite Automobile Research, Ltd. (OTC BB: CARH) is pleased to announce the removal today of the "F" (foreign corporation) denotation from the company's OTC-BB trading symbol.The Company, and its wholly-owned subsidiary, World Transport Authority, qualified for the symbol change by demonstrating compliance with the guidelines set forth by the National Association of Securities Dealers (NASD). Specifically, two-thirds of the Company's directors and officers reside in the United States, more than 50 percent of the stock is held by U.S. residents, and the majority of business operations of the Company is conducted within U.S. borders.
In addition to this recognition as a U.S.-based corporation, the Company announced today delivery of the first WorldStar Factory to the Columbian Master License holder is on-schedule, as are the payments for the Columbian Master License.
World Transport Authority is the designer and manufacturer of the WordStar 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 requirement for reliable transportation in geographic regions ignored by major auto manufactures such as Ford , Chrysler , and General Motors
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 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 availabthe Company at the time such statements were made. Actual results could differ materially from those included in such forward-looking statements.