SAN DIEGO, Aug. 10, 2004 (PRIMEZONE) -- World Transport Authority Inc., a Canadian corporation (OTCBB:WTAI) (Frankfurt:920943) today announced the formation of Millennium Autotech International Corporation.
MAIC is a wholly owned subsidiary of Autotech International Corporation. MAIC was formed in the Philippines. MAIC is established as the manufacturing subsidiary corporation for production of AIC's micro-manufacturing factories. The Philippines was selected as an ideal location for manufacturing because of the existing composite and fiberglass workforce skilled in company-related products. The Philippine's location is ideal for export because the new subsidiary is located in a duty free economic zone on the former Clark Air Force Base.
MAIC initially will complete AIC's first customer order previously announced in January. This order includes six factory units. The first three units are expected to ship in August. The full factory order completion is expected for September. Also included in the order are three demonstration vehicles which are ready to ship with the first three factories.
In a separate transaction, MAIC acquired the assets of WorldStar Pacific. These assets consisted of initial parts and supplies used for manufacturing the initial factory units. This move paved the way for recovering assets and technology that were diverted by Doug Norman.
MAIC named Gary Curtis Cannon as president. Bryan Hammer was named as vice president and general manager. Hammer is responsible for all operations of the facilities in the Philippines. The MAIC Secretary is James Raterta of Remollo Raz Raterta & Associates Law Offices, William C. Kennedy was named Treasurer, and Gavino R. Meneses, Jr. of the Law Offices of Ong Abad Santos & Meneses was named as the company SEC representative in the Philippines, as well as a director of MAIC. According to the company, this is a very powerful group to represent MAIC interests in the Philippines.
AIC, a wholly owned subsidiary corporation of World Transport Authority, develops commercial "Factory-in-a-Box"(TM) sales for the manufacture of Worldstar(R) vehicles on a worldwide basis. Worldstar vehicles are designed for rural and undeveloped areas allowing basic transportation of goods and people. The Worldstar vehicle is manufactured in-country with an AIC-designed factory by the local factory owner utilizing local labor and materials.
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.
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