WTA Signs Master License for Senegal

24 October 2000

WTA Signs Master License for Senegal

    WASHINGTON, D.C.--Oct. 24, 2000--World Transport Authority Inc. (OTCBB:WTAI) (POH: Frankfurt) (WTA) Tuesday announced the signing of a Master License Agreement with American Transport Sales Inc. (ATSI), for the supply of factories and automotive components to assemble the WorldStar vehicle in the African countries of Senegal, Mali, and Gambia.
    A substantial deposit accompanied the signing to WTA.
    WTA Senior Vice President Joseph Parker, and Kim Barkan, president of ATSI, signed this contract in WTA's Washington, D.C. offices. The contract consummates a Letter of Agreement executed by the respective parties in April of this year, which stipulated that the Master License agreement must be completed within a six-month period.
    Upon signing the contract, Barkan stated, "We have worked very hard to bring this project to reality. Investor and consumer interest in the WorldStar is quite positive, and extensive local press coverage has increased awareness of the project. Senegalese President Abdoulaye Wade even sent a delegation to the opening of the WTA plant in the Philippines. Their favorable report to the president has heightened the anticipation here for both the WTA factories and the WorldStar vehicle."
    According to Senior Vice President Joseph W. Parker: "We are very proud to add ATSI to the WTA family. Senegal, Mali, and Gambia will be among the first countries in West Africa to profit from WTA jobs and inexpensive, sturdy WorldStar vehicles. The business plan calls for the establishment of two WorldStar assembly lines per year over the next 8 years. The potential contract value for WTA is approximately $110M over the contract life, meaning about $13M in annual revenues for the company."
    Barkan added, "We anticipate that training of our Senegalese technicians and the delivery of the first vehicle sales prototypes will occur before the end of this year. Our goal is to have the first assembly line operational in Dakar by March 2000. Initial demand is primarily in the government service vehicle and taxi market segments. We are also going to try and have the vehicle available for the Africa Cup soccer matches scheduled for the year 2002 in Bamako, Mali."
    World Transport Authority Inc. serves the emerging world's transportation needs through in country manufacturing facilities, using local semi-skilled labor to produce the WorldStar 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 Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. Refer to the WTA Web site and other sources for more detailed information. Investor Relations is at 619/387-8888.