Name Change and Share Split Complete
4 September 2000
Name Change and Share Split Complete
EL CAJON, Calif.--Sept. 1, 2000--Composite Automobile Research Ltd. is pleased to announce that effective Sept. 1, 2000 the company has undergone a name change and a 4 new for 1 old forward stock split.The new name of the company is World Transport Authority Inc. (WTAI) and the shares will now trade under the new trading symbol (OTCBB:WTAI)(POH:Frankfurt).
Effective Sept. 1, 2000 shareholders of record on Aug. 31, 2000 will be entitled to the 4 new for 1 old forward stock split. Shareholders holding their shares in a brokerage account should receive the new post-split shares in their accounts automatically. Shareholders holding their shares personally should arrange with WTAI's stock transfer company to facilitate the exchange of the old shares for the new shares. The stock transfer agent will send a letter of transmittal to each shareholder personally holding their shares notifying them of this exchange.
Company Chief Executive Officer and President Lyle Wardrop commented, "The company has taken an important step by changing our name to World Transport Authority Inc. This signifies that our company has moved forward from the research and development stage with the WorldStar(R) vehicle and marketing plan, into the production and marketing phase of our business plan. We feel that the new name will reflect this change of focus. As for the forward stock split, the company has had many inquires from current licensees and numerous potential license purchasers to have World Transport Authority Inc. common shares listed on different regional stock exchanges around the world, in addition to its current listing on the Frankfurt Stock Exchange. Implementing the forward stock split puts the company in a position, from a liquidity point to initiate the listings when available."