UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 8, 2004
WORLD TRANSPORT AUTHORITY, INC.
(Exact name of registrant as specified in its charter)
Alberta, BC 93-1202663
(State of Incorporation) (I.R.S. Employer Identification No.)
140 West Park Avenue
El Cajon, California 92020
(Address of Principal Executive Offices)
(619) 593-2440 Fax: (619) 593-2444
(Registrant's telephone and fax number, including area code)
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Item 5. Other Events.
On November 1, 2004, World Transport Authority, Inc., an Alberta
corporation, pulled the plug on the Cameron International $1.2 million
purchase order of a projected $3.4 million long-term deal, after a series of
non-performances by Cameron International. Even though Cameron International
shaved the initial deposit, the Company attempted to keep the relationship on
life support by continuing to accommodate Cameron even after it slowed down
the payment schedule. When Cameron reneged on the final payment arrangement,
the Company turned the containers around and returned them to the Philippines
and MAIC, the Philippines subsidiary of the Company. This week, the Company
terminated its obligation to perform under the agreement and notified Cameron
of the extent of the damages the Company incurred as the result of the
conduct of Cameron.
One such damage is the depletion of resources for the Company to the
point where no funds were left to pay for the year-end and first quarter
audit required by the SEC. Lacking funds, the Company will be temporarily
suspended from trading and will go to the pink sheets.
The Company, through its Autotech International Corporation (AIC)
subsidiary, is also seeking to rescind the conditional purchase of assets
under a settlement agreement with WorldStar Pacific. The grounds to rescind
the agreement are that the performance of AIC was conditioned on (1) payments
received by Cameron International, and (2) that the assets were as they were
represented to be. Both conditions were not met.
Millenium Autotech International Corporation (MAIC) is a wholly owned
subsidiary of the operating subsidiary company of WTAI, AIC, which was formed
in the Philippines this July to manufacture the micro-manufacturing units
used for assembly of WorldStar vehicles.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
World Transport Authority, Inc.
Date: November 8, 2004 By: /s/ William C. Kennedy
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William C. Kennedy
Chief Executive Officer
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