Composite Automobile Research Ltd: Announcement
5 November 1999
Composite Automobile Research Ltd: Announcement
EL CAJON, Calif.--Nov. 4, 1999--Composite Automobile Research Ltd (OTCBB:CARH) is pleased to announce that its first production plant began its start up in Cali Columbia on November 2, 1999, ahead of schedule. In order to facilitate ramp up and training, World Transport Authority is sending two teams to Cali, one team left on November 1st and the second will depart on November 14th. Both teams will stay until December 5th to showcase the first production units at the international auto show to be held in Bogota, Columbia.World Transport Authority is the designer and manufacturer of the WorldStar 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 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 requirements for reliable transportation in geographic regions ignored by major auto manufacturers such as Ford , Chrysler , and General Motors .
This press release contains forward-looking statements within the definition of Section 27A of the Securities Exchange 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 assumptions made by an information currently available to the Company at the time such statements were made. Actual results could differ materially from those included in such forward-looking statements. Shares outstanding: 9,300,000