EL CAJON, Calif., Feb. 24, 2003 (PRIMEZONE) -- World Transport Authority, Inc. (WTAI) (OTCBB:WTAI) (Frankfurt:920943) learned that a lawsuit was filed against Douglas Norman by the Securities and Exchange Commission. Legal counsel is investigating these allegations and is taking appropriate action to protect the rights of both Mr. Norman and the Company's forward momentum in the interest of the shareholders.
Mr. Norman is a founder of WTAI, which developed the WorldStar utility vehicle and Micro-Manufacturing process. Mr. Norman played a vital role in the research and development conducted by the Company and continues to work diligently as the Company progresses. While not an employee of the Company, he continues to provide international sales services for WTAI. The Company has not yet verified the facts of the lawsuit but is now researching the matter.
"The people associated with WTAI and the WorldStar project are firmly committed to its long term success and have expressed their continued support in light of recent events," commented Mr. Wardrop, President of WTAI.
"The Company has overcome obstacles in the past and is now completing discussions and contractual provisions to expand operations in the Philippines. We will continue to complete other transactions currently in the planning stages now. The success of any business is not based on blind luck or being in the right place at the right time, but rather on perseverance and keeping focus until the goal is reached.
"World Transport Authority, Inc. continues normal business operations and is encouraged about the forward motion in a number of areas," continued Mr. Wardrop. A recent WTAI press release announced that the company is in negotiations to obtain a substantial ownership in ground-breaking Hydrogen extraction technology.
It is the mission of WTAI to provide motorized multi-purpose utility vehicles that are durable, reliable and low cost for the benefit of developing countries using our unique WorldStar Micro-Manufacturing process. We are also committed to providing this benefit utilizing the most energy efficient and environmentally clean propulsion technology that is scientifically possible.
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 WTAI Website at: www.wtaiworldstar.com and other sources for more detailed information.
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