14 June 2001
14 June 2001
World Transport Authority has entered into a letter of intent with Zastava Automobili of the former Yugoslavia.
The letter concerns a proposed contract between the two parties, under which World Transport Authority would supply composite fiberglass panels for Zastava automobiles and Zastava would provide vehicle development assistance to WTA. Zastava already supplies drive trains for WTA's WorldStar vehicle. Additionally, production lines for Zastava automobiles would become available for purchase by WTA licensees.
Zastava was formed in 1853 as a cannon manufacturer, and has since become involved in the production of automobiles and heavy trucks. Prior to World War II, Zastava produced trucks for Chevrolet. Since 1943, Zastava has produced more than 4 million passenger cars, including almost a million Fiat automobiles considered at the time to be the best vehicle in its class.
The final contract between the parties is scheduled to be executed at Zastava's headquarters shortly after the 4th European Automobile Conference to be held in Bad Nauheim, Germany, 11-12 June 2001.
WTA is an automotive technology company that licenses its product and manufacturing technology to corporations in emerging nations throughout the world. WTA has developed the WorldStar, an inexpensive yet rugged composite utility vehicle.
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