Major Automaker Powers WorldStar!
6 April 2000
Major Automaker Powers WorldStar!
SAN DIEGO--April 6, 2000--Composite Automobile Research Ltd. (OTCBB:CARH) through it's wholly owned subsidiary, World Transport Authority Inc. (WTA) is pleased to announce that it has signed an agreement with Fiat through "Zastava Automobili," a major international distributor of Fiat's 1300 and 1400 series engines and power-trains.These engines have functioned reliably in Europe and USA in over 5,000,000 vehicles, with state-of-the-art electronic fuel injection and low level emission controls, as well as a carburetor, distributor model.
WTA has been granted Original Equipment Manufacturers (OEM) "Private Label" status in regards to the 1300-1400 series engine and power train, for utilization in its WorldStar(R) vehicle throughout the world. The WorldStar engine will be labeled WS-F-1. Both parties granted this designation by "Zastava Automobili" to WTA after a lengthy period of due diligence, engineering studies and careful consideration. A factory consultant picked up a WorldStar(R) vehicle at its El Cajon R&D headquarters, drove it across the entire U.S., then shipped it to Frankfurt. The WorldStar(R) was displayed at several significant aficionado shows throughout Europe then driven to the Fiat factory in Turin, Italy. After careful consideration it was recommended by Fiat engineers that the DMB 1300, which displaces 1372, ccs and has a 5-speed transmission be the power train of choice for the WorldStar(R) vehicle.
At WTA's R&D center engineers have retrofitted the engine to meet WorldStar(R) specifications, as well a special cradle specifically designed and fabricated to house the Fiat engine for the WorldStar(R). All of the aforementioned have now been thoroughly tested and are now ready for implementation for the WorldStar vehicle.
World Transport Authority Inc. is pleased to be now able to offer it's Master License and License holders the option of either the VW engine powered by CNG, Propane and Gasoline or the Fiat engine powered by CNG, Propane or Gas. WTA is currently awaiting the release of the new Fiat diesel later this year and plans to investigate the feasibility of utilization for the WorldStar(R) vehicle.
Fiat is considered a principal global carmaker and has developed maintenance infrastructure throughout many parts of the world. They are known for reliable, innovative, technology derived automobiles. Fiat has a primary presence in South America where WTA is expanding rapidly through its affiliation with WorldStar Paez.
Lyle Wardrop, chairman of CARH opined "This is an excellent business opportunity for WTA and its shareholders, as well for its Master License Holders and licensees. This partnering results in WTA being able to offer its customers a simple air-cooled version of a power-train, as well as, a sophisticated electronic Fiat engine for those countries where that fit might be more applicable." Petar Marinkovic, chief executive officer of Zastava Automobili commented that "We are very excited about this new business alliance and look forward to a long and mutually rewarding relationship."
COMPOSITE AUTOMOBILE RESEARCH LTD AND World Transport Authority Inc., serve the emerging world's transportation needs through in-country manufacturing facilities utilizing local semi-skilled labor to produce the WorldStar(R) line of utility vehicles.
Shares Outstanding :10,452,912
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 Exchange Act of 1934, as amended. These forward-looking statements should not be used to make an investment decision. Please refer to the WTA Web site WWW.WTAWorldstar.com and other sources for more detailed information. Investor Relations is at 619/387-8888.