EL CAJON, Calif., Jan. 13, 2004 (PRIMEZONE) -- World Transport Authority, Inc. (OTCBB:WTAI) (Frankfurt:920943) announced today progress on corporate restructure, changes on the board of directors and a new interim President.
The company is pleased to report that the company is progressing toward completing the reorganization planned this year to reestablish WTAI as the primary provider of vehicle systems for developing markets.
A change in board membership was established from late June through August, resulting in the addition of William C. Kennedy as CEO and Chairman of the Board, Todd C. Fowler as Secretary, George I. Bates as Treasurer, and Roger S. Brown, Vice-President in charge of Investor Relations and as a new director to the board. Board members have worked diligently on a plan to improve company operation and recover from prior mismanagement. Mr. Kennedy, the new CEO and Chairman, has taken the lead to raise the board to a professional level through new board members and actively involving the board on restoring the company to operations.
The company hired the certified public accounting firm Stonefield Josephson, Inc. to conduct a complete audit of the company books to meet SEC and OTC exchange requirements.
Early in July, because the company had gone through some legal problems resulting from the arrest of its Founder in March of 2003 for alleged fraud, and because of judgments resulting from prior mismanagement of assets by previous management, Mr. Kennedy with the full approval of the Board, hired Gary Curtis Cannon as Corporate Counsel, to help guide the company on a correct tract, and to make sure that the company was in compliance with SEC regulations.
During early 2003, WTAI retained Mr. Anthony Ussery as a management consultant to help restructure the company and raise capital. Upon the advise of counsel and with the agreement of the Board of Directors, and because of the direct actions of Mr. Ussery, the Board terminated Mr. Ussery for non-performance and lack of confidence. The action taken was deemed to be in the best interest of WTAI and WTAI did not incur any losses as a result of this decision.
The Board of Directors removed Mr. Lyle Wardrop as President of all WTAI companies on December 19th, 2003. His removal was based, in part, because of substantial infractions and violations of Board resolutions. On Monday, December 29th, Mr. Wardrop resigned from the Board of WTAI.
Mr. John F. Tidy was appointed and accepted the position as interim President of World Transport Authority, Inc. as the replacement for Mr. Wardrop on December 19, 2003. Mr. John Tidy is an experienced operations executive and automotive engineer, and is the primary individual responsible for the current vehicle design and manufacture.
Nicholas M. Kennedy was named as interim director on December 29th to meet the Canadian legal requirement, until a full time director is chosen. Mr. Nicholas Kennedy is a Canadian citizen and Mr. William Kennedy's nephew. Mr. Nicholas Kennedy is co-founder of River of Life Humanitarian Organization (ROL) in Zagreb, Croatia, was consultant for receiving, distributing Humanitarian Aid Shipments for refugees and displaced people for ROL in Zagreb in 1992 to 1996, was Logistics' Officer for ROL in Sarajevo, Bosnia/Herzegovina 1994-1996, and is currently director of GIM in Osaka, Japan. He is fluent in English, Croatian, Bosnian, and Serbian languages; semi-fluent in German and Japanese, and understands other Slavic languages, including some Russian. He will be an asset in communication with the Zastava Plant, which supplies the engine platform for WTAI.
Since becoming CEO, Mr. Bill Kennedy, with the approval of the Board of Directors, has changed management, bringing in an experienced corporate manager to advise him on the daily operation of moving the company to profitable operations and status. Management has initiated negotiations with critical suppliers to stabilize a source of vehicle parts kits and factory components.
Other actions include re-establishing communications with existing master license holders, initiating new intellectual property protections, and initiating proper financial and corporate controls. Management is now actively revising the marketing plan, developing new quality standards for factory construction, establishing international vehicle registration compliance (which was never done under previous management) and reopening production facilities for factories and vehicle parts kits.
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.
Phone calls will be taken at: World Transport Authority, Inc. (619) 593-2440 Fax (619) 593-2444
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