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Composite Automobile Research Ltd Sells License

  • Wednesday, 5th April 2000
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Composite Automobile Research, Ltd. through it’s wholly owned subsidiary, World Transport Authority (WTA) announced the sale of the Master License for the country of Costa Rica. The purchaser of the Master License is Greenvolt, Inc., a Delaware corporation. The consideration for the purchase of the Master License is US$800,000 that will be satisfied by the issuance of 7,000,000 common shares of Greenvolt, Inc. In addition to the purchase of the license for Costa Rica, WTA has granted to Greenvolt, for a period of 18 months, an option to expand the license for Costa Rica to include the countries of Nicaragua, Honduras, Guatemala, San Salvador as well as Belize. The terms of the option require Greenvolt Inc. to pay to WTA US$500,000 Cash should they wish to expand the territory beyond the boundaries of Costa Rica, to include all of the above-mentioned countries.


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