HOUSTON, March 4, 2004 (PRIMEZONE) -- Caribbean Motor Works USA (Pink Sheets:CBMW) announced today that it has received a commitment for a line of credit up to $200,000 from one of its major shareholders. With this financing in place, the company has begun planning for the resumption of operations through its wholly-owned subsidiary in Barbados. According to President and CEO Robert H. Russell, this funding commitment should be sufficient to get the company back in production. "We are very pleased to announce that this funding has been secured. We have been looking for quite a long time to find a source of funds that would allow us to resume operations." Mr. Russell was in Barbados in early February, and returned to Barbados on March 1st to continue planning activities in preparation for commencing production by the end of April or early May.
The first product manufactured by the company was a sports utility vehicle, but after a production run of approximately 50 vehicles, the company was forced to suspend operations for lack of funding. The company will now focus on the production of ice machines and will defer any decision on the resumption of vehicle production until the end of 2004. "We want to concentrate our efforts on producing ice machines right now," Mr. Russell said. "Plans to commence production are being implemented now and the current target date for the first production run is the beginning of May. We believe there will be a market for our product and we are anxious to get back into production." Mr. Russell cautioned, however, that there are others already in the market in Barbados and that the company faces significant risks in trying to enter the ice machine market at this time. Mr. Russell concluded by saying that the company would be better able to forecast the exact date for commencing operations within the next 4 weeks.
Safe Harbor
Forward-looking statements made in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made by CMW are not guarantees of future performance.