CARH Closes Master License in Costa Rica

18 April 2000

CARH Closes Master License in Costa Rica

    EL CAJON, Calif.--April 18, 2000--Composite Automobile Research Ltd. (OTCBB:CARH)(POH:Frankfort), through its wholly owned subsidiary World Transport Authority (WTA), Tuesday announced that it has closed the sale purchase of the Master License for the country of Costa Rica.
    WTA is now in receipt of the 7 million common shares of Greenvolt Inc. representing the purchase price of the Master License. The 7 million shares of Greenvolt Inc. represent the purchase price ($800,000 U.S.) based on a deemed price of $.11 per share.
    Additionally, WTA has granted to Greenvolt, for a period of 18 months, an option to expand the license for Costa Rica to include the countries of Nicaragua, Honduras, Guatemala, San Salvador as well as Belize. The terms of the option require Greenvolt Inc. to pay to WTA U.S.$500,000 cash should they wish to expand the territory beyond the boundaries of Costa Rica, to include all of the above-mentioned countries.
    Greenvolt Inc. is presently in the process of going public. At this time, WTA, subject to regulatory approval, is investigating the possibility of dividending the majority of the 7 million shares acquired by way of this transaction to its shareholders. It is the intention of WTA to maintain a position in Greenvolt Inc. of less than 10%, approximately 1,100,000 shares. WTA anticipates that this number of shares will allow the company to recoup the $800,000 U.S. purchase price for the Master License sold, as well to show a reasonable profit for the company, upon disposition of its shareholdings in the future. WTA is expecting to resolve its investigation into paying out the Greenvolt Inc. shares shortly and anticipates being able to place this matter before shareholders for ratification at it's Special Shareholders Meeting on June 1, 2000.
    This item, as well as additional business matters, will be presented for shareholder approval at this meeting. The primary item on the agenda will be the resolution to split the share capital of the company on a 4 for 1 basis (four new shares for each share presently held on the determined record date). The company is currently putting all of the required regulatory materials together for a mail-out to all shareholders, expected to occur on April 20, 2000.
    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.

    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. Refer to the WTA Web site at www.WTAWorldstar.com and other sources for more detailed information. Investor Relations is at 619/387-8888.