SEC Revokes Registration Of World Transport Authority
An Administrative Law Judge has issued an Initial Decision as to World Transport Authority Inc. (Initial Decision), in Administrative Proceeding No. 3-13804. The Order Instituting Proceedings alleged that World Transport Authority, Inc., failed repeatedly to file required annual and quarterly reports while its securities were registered with the Securities and Exchange Commission. The Initial Decision finds that World Transport Authority Inc., repeatedly failed to file its required periodic reports, depriving investors of access to key financial information. As a sanction, it revokes the registration of each class of registered securities of World Transport Authority Inc., pursuant to Section 12(j) of the Securities Exchange Act of 1934.
WTAI is Currently Suspended and trades on the Grey Sheets as of 03 March 2010,
The Commission temporarily suspended trading in the securities of this issue due to a lack of current and accurate information about the company because they have not filed periodic reports with the Commission in over two years. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
In other words, the company appears to be defunct, and only exists as a shell corporation. From OTCMarkets: www.otcmarkets.com/pink/quote/quote.jsp
| || |
Pink OTC Markets has discontinued the display of quotes on pinksheets.com for this security because it has been labeled Caveat Emptor (Buyer Beware) and because adequate current information has not been made available by the issuer of the securities. It has been labeled Caveat Emptor for one of the following reasons:
- Questionable Promotion — The security is being promoted to the public, but adequate current information about the issuer has not been made available to the public.
- Spam — The security is the subject of spam promotion having the effect of encouraging trading of the issuer's securities.
- Investigation of Fraud — There is a known investigation of fraudulent activity involving the company, its securities or insiders.
- Suspension/Halt — A Regulatory Authority has halted or suspended trading for public interest concerns (i.e. not a news or earning halt).
- Disruptive Corporate Actions — The security or issuer is the subject of corporate actions, such as reverse mergers or serial stocks splits and name changes, without adequate current information being publicly available.
- Unsolicited Quotes — The security has only been quoted on an unsolicited basis since it entered the public markets and the issuer has not made adequate current information available to the public.
- Other Public Interest Concern — There is, in Pink OTC Markets' view, a public interest concern.
Latest Available Company Information:
OTC Market Tier Grey Market
Primary SIC — Industry Classification 3711 - Motor vehicles and car bodies
State Of Incorporation BC
Jurisdiction Of Incorporation Canada
Company Officers William C. Kennedy, CEO
Reporting Standard U.S. Registered & Reporting: SEC Filer
Fiscal Year End 6/30
Estimated Market Cap $2,287,907 as of Apr 1, 2010
Outstanding Shares 76,263,553 as of Mar 31, 2003
Current Capital Change shs increased by 4 for 1 split
Pay Date: Sept 1, 2000
- Formerly=Composite Automobile Research Ltd. until 9-00
- 12(k) Suspended by the SEC 9:30 a.m. EST, March 3, 2010 and terminating at 11:59 p.m. EDT on March 16, 2010.
Last available share structure information: www.otcmarkets.com/edgar/GetFilingHtml
Item 1.01 Entry into a Material Definitive Agreement
On December 30, 2009, the board of directors of the Company approved the renewal of management contracts for William C. Kennedy (chief executive officer, chairman and director), George I. Bates (secretary, treasurer and director) and David Yue (director) for one year, or until such time there is a change in management.
On November 20, 2009, approximately 31, 975, 330 common 144 Restricted World Transport Authority, Inc. shares were sold and/or distributed to certain individuals and entities as settlements for notes owed and for service provided, with some recently disclosed on required Form 4s. There are 143,978,888 outstanding common shares of World Transport Authority, Inc. shares.