Nigerian Master License Closes

18 July 2000

Composite Automobile Research Ltd. through its wholly owned subsidiary World Transport Authority Inc. (WTA), today announced that pursuant to the company's news release of June 22, 2000, all documentation regarding the purchase of the Master License for the country of Nigeria has been signed by WTA and IMR Motors respectively. Upon signing of the Master License, SIGWA Motors Ltd. of Nigeria has agreed to purchase the first factory; scheduled for delivery early in the fourth quarter of 2000. The balance of payment for the purchase of this factory is in process. Production of the first WorldStar(R) vehicles is expected to occur in an expedited manner once the factory and components arrive on site in Nigeria. It is expected that this first factory will be used as a showcase and training facility for rapid expansion throughout Nigeria. Presently, WTA engineers and sales personnel are compiling a Nigerian vehicle specification list for approval and purchase by the Nigerian partners. Composite Automobile Research Ltd. and World Transport Authority Inc. serve the emerging world's transportation needs through in country manufacturing facilities, utilizing local semi-skilled labour to produce the WorldStar(R) line of utility vehicles.

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