U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[x] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 2003
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[ ] Transition Report under Section 13 or 15(d)of the Exchange Act For the
Transition Period from ________ to ___________
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Commission File Number: 000-49795
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World Information Technology, Inc.
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(Name of small business issuer in its charter)
Nevada 80-0001653
------------------------------- ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
500 N. Rainbow, Suite 300 Las Vegas, NV 89107
------------------------------------------ --------------
(Address of principal executive offices) (zip code)
Issuers telephone number: (702) 221-1952
----------------
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12
months (or such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Check whether the Registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act
after the distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
1
Common Stock, $0.001 par value per share, 60,000,000 shares authorized,
17,405,524 issued and outstanding as of April 30, 2003. Preferred Stock,
$0.001 par value per share, 15,000,000 shares authorized, none issued nor
outstanding as of April 30, 2003.
Traditional Small Business Disclosure Format (check one)
Yes [ ] No [X]
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Independent Accountants' Review Report .............. 4
Balance Sheets (unaudited)........................... 5
Statements of Operations (unaudited)................. 6
Statements of Cash Flows (unaudited)................. 7
Notes to Financial Statements........................ 8-10
Item 2. Management's Discussion and Analysis of Plan
of Operation......................................... 11
Item 3. Controls and Procedures.............................. 15
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.................................... 16
Item 2. Changes in Securities and Use of Proceeds............ 16
Item 3. Defaults upon Senior Securities...................... 16
Item 4. Submission of Matters to a Vote
of Security Holders.................................. 16
Item 5. Other Information.................................... 16
Item 6. Exhibits and Reports on Form 8-K..................... 17
Signatures..................................................... 18
3
Beckstead and Watts, LLP
- ----------------------------
Certified Public Accountants
3340 Wynn Road, Suite B
Las Vegas, NV 89102
702.257.1984
702.362.0540 fax
INDEPENDENT ACCOUNTANTS REVIEW REPORT
May 14, 2003
Board of Directors
World Information Technology, Inc.
Las Vegas, NV
We have reviewed the accompanying balance sheet of World Information
Technology, Inc. (a Nevada corporation) as of March 31, 2003 and the related
statements of operations for the three-months ended March 31, 2003 and 2002 and
statements of cash flows for the three-months ended March 31, 2003 and 2002.
These financial statements are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data, and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, which will be
performed for the full year with the objective of expressing an opinion
regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying financial statements referred to above for
them to be in conformity with generally accepted accounting principles in the
United States of America.
/s/ Beckstead and Watts, LLP
- ----------------------------
Beckstead and Watts, LLP
4
World Information Technology, Inc.
Consolidated Balance Sheet
(Expressed in US dollars, unless otherwise stated)
(Unaudited)
Consolidated Balance Sheet
March 31,
2003
-----------
Assets
Cash and equivalents $ 5,000
Short-term investments 1,000
Trade accounts receivable, net of allowance for doubtful
accounts of $980,206 and $832,000, respectively 4,024,000
Inventories 34,000
Other current assets 316,000
-----------
Total current assets 4,380,000
-----------
Long-term investments 1,823,000
Fixed assets, net 2,760,000
Other assets 57,000
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$ 9,020,000
===========
Liabilities and stockholders' equity
Notes payable $ 31,000
Trade accounts payable 5,000
Income tax payable 1,139,000
Accrued expense 177,000
Other payables and customer deposits 40,000
-----------
Total current liabilities 1,392,000
-----------
Deferred revenue 208,000
Other liabilities 88,000
-----------
1,688,000
-----------
Commitments and contingencies -
Stockholders' equity
Common stock, $0.001 par value, 500,000,000 shares
authorized, 17,405,524 shares issued and outstanding 17,000
Additional paid-in capital 5,005,000
Retained earnings 2,318,000
Accumulated other comprehensive income -
foreign currency translation adjustment (8,000)
-----------
7,332,000
-----------
$ 9,020,000
===========
The accompanying notes are an integral part of these financial statements.
5
World Information Technology, Inc.
Consolidated Statements of Operations
(Expressed in US dollars, unless otherwise stated)
(Unaudited)
Consolidated Statements of Operations
March 31, March 31,
---------- ----------
2003 2002
---------- ----------
Net sales $ 901,000 $ 342,000
Cost of goods sold 16,000 27,000
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Gross profit 885,000 315,000
Selling, general and administrative 249,000 215,000
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Net income before income taxes 636,000 100,000
Income tax expense 153,000 53,000
---------- ----------
Net income $ 483,000 $ 47,000
========== ==========
Weighted average number of
common shares outstanding - basic and fully diluted 17,405,524 17,405,524
========== ==========
Net income per share - basic and fully diluted $ 0.03 $ 0.00
========== ==========
The accompanying notes are an integral part of these financial statements
6
World Information Technology, Inc.
Consolidated Statements of Cash Flow
(Expressed in US dollars, unless otherwise stated)
(Unaudited)
Consolidated Statements of Cash Flow
For the three months ended
March 31,
--------------------------
2003 2002
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 483,000 $ 47,000
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization expense (18,000) 33,000
Unrealized loss on short-term investments 43,000 87,000
Loss on disposal of investments 87,000 -
Change in assets and liabilities:
Accounts receivable (696,000) 327,000
Notes receivable 175,000 -
Other current assets (224,000) (48,000)
Notes payable (46,000) (71,000)
Trade accounts payable 1,000 2,000
Income tax payables 97,000 54,000
Other current liabilities 2,000 (181,000)
Deferred revenue 45,000 18,000
Other liabilities 84,000 48,000
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Net cash provided by (used in) operating activities 33,000 316,000
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease in short-term investments, net 203,000 -
(Increase) decrease in long-term investments (2,000) (322,000)
Acquisition of fixed assets (79,000) (27,000)
(Increase) decrease in deposits (170,000) 25,000
------------ ------------
Net cash provided (used) by investing activities (48,000) (324,000)
------------ ------------
Net increase (decrease) in cash and equivalents (15,000) (8,000)
Cash and equivalents at beginning of the period 20,000 60,000
------------ ------------
Cash and equivalents at end of the period $ 5,000 $ 52,000
============ ============
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for interest $ - $ -
============ ============
Cash paid during the year for income taxes $ - $ -
============ ============
The accompanying notes are an integral part of these financial statements
7
World Information Technology, Inc.
Notes
Note 1 - Basis of Presentation
The consolidated interim financial statements included herein, presented in
accordance with United States generally accepted accounting principles and
stated in US dollars, have been prepared by the Company, without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate to
make the information presented not misleading.
These statements reflect all adjustments, consisting of normal recurring
adjustments, which, in the opinion of management, are necessary for fair
presentation of the information contained therein. It is suggested that these
consolidated interim financial statements be read in conjunction with the
financial statements of the Company for the year ended December 31, 2002 and
notes thereto included in the Company's 10-KSB annual report. The Company
follows the same accounting policies in the preparation of interim reports.
Results of operations for the interim periods are not indicative of annual
results.
Note 2 - Short term investment
As of December 31, 2002, short term investments totaled $204,000. The Company
recognized the loss of $87,000 from the sale of short term investments in 2003.
It was offset by the reserve for loss on decline of market value. The
remaining balance of short term investment is $44,000, of which $43,000 was
reserved as of March 31, 2003.
Note 3 - Accounts receivable
Accounts receivable totaled $4,901,000 and allowance for doubtful accounts
totaled $902,000 as of March 31, 2003.
Note 4 - Fixed assets
Fixed assets consists of the following:
March 31, 2003
--------------
Transportation equipment $ 116,000
Office equipment 769,000
Leasehold improvements 156,000
Other equipment 17,000
Land 2,008,000
Less accumulated depreciation (307,000)
Total $ 2,760,000
Depreciation expense totaled $32,000 for the three months ended March 31, 2003.
8
World Information Technology, Inc.
Notes
Note 5 - Long-term investments
Details of long-term investments are summarized as follows:
March 31, 2003
---------------------------
Percentage of
Name of Investee Amount Ownership
- ------------------------------------------------------------------------------
International Joyful shopping Mall Internet
Business Co., Ltd. $ 502,000 82.50%
Yong-Kun-Chen Technology Co., Ltd. 400,000 61.33%
Everbest Healthcare Co., Ltd. 80,000 1.84%
Eastern Multimedia Co., Ltd. 290,000 0.03%
Techmo Taiwan Co., Ltd. 522,000 18.07%
Rico Foodstuff Co., Ltd. 29,000 0.05%
Eternal Industries Co., Ltd. - 7.97%
Wisdom Industries Co., Ltd. - 5.71%
----------
Total $1,823,000
Note 5 - Deferred revenue
Deferred revenue for the three months ended March 31, 2003 totaled $208,000.
The balance of deferred revenue as of December 31, 2002 was $217,000. Deferred
revenue amortized and revenue recognized during the three months ended March
31, 2003 totaled $54,000. The net remaining balance of deferred revenue was
$163,000.
Note 6 - Income taxes
The Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" ("SFAS No. 109"), which
requires use of the liability method. SFAS No. 109 provides that deferred
tax assets and liabilities are recorded based on the differences between the
tax bases of assets and liabilities and their carrying amounts for financial
reporting purposes, referred to as temporary differences. Deferred tax assets
and liabilities at the end of each period are determined using the currently
enacted tax rates applied to taxable income in the periods in which the
deferred tax assets and liabilities are expected to be settled or realized.
As of March 31, 2003, income tax payable to Taiwan taxing authorities totaled
$86,000 and income tax expense totaled $1,139,000.
9
World Information Technology, Inc.
Notes
Note 7 - Reverse merger
On March 13, 2003, the Company effected a Merger and Reorganization Agreement
(the "Agreement") with World Information Technology, Inc., formerly EZ Travel,
Inc. ("WRLI"), a State of Nevada publicly-traded company. Pursuant to the
Agreement, WRLI acquired 80.75% of the outstanding common stock of the Company.
As consideration for the shares, WRLI transferred 13,805,524 shares of its
$0.001 par value common stock. The acquisition was accounted for using the
purchase method of accounting as applicable to reverse acquisitions because the
former stockholders of the Company controlled the WRLI's common stock
immediately upon conclusion of the transaction. Under reverse acquisition
accounting, the post-acquisition entity was accounted for as a recapitalization
of the Company.
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS
World Information Technology, Inc., formerly known as EZ Travel, Inc., a
developmental stage company, hereinafter referred to as "the Company", was
organized by the filing of Articles of Incorporation with the Secretary of
State of the State of Nevada on December 27, 2001. The articles of the
Company authorize the issuance of sixty million (60,000,000) shares of Common
Stock at par value of $0.001 per share and fifteen million (15,000,000)
shares of Preferred Stock at par value of $0.001.
World Information Technology, Inc acquired an aggregate 80.75% of World
Information Technology, Inc. ("World Info China") a Republic of China
corporation, located in Taipei, Taiwan. Pursuant to the acquisition, the
Company acquired 80.75% of the issued and outstanding shares of World Info China
which subsequently became a subsidiary of the Company. Under the terms of the
acquisition, the Company may continue to acquire additional shares until the
Company owns 100% of World Info China, if such additional shares are tendered to
the escrow agent. The Company has issued and released 13,805,524 shares of the
Company's common stock to cover the cost of the acquisition.
World Info China has introduced Taiwan to its first all-around online video
streaming solution for integrated TV post-production live custom programming.
The company has developed proprietary interactive real-time two-way data
communications. The company has set up various online shopping channels and
has become a dominant force in e-commerce in Taiwan. In order to address the
challenge of integrating Internet commerce in the future, World Info China plans
to develop new areas involving the wireless Internet, entertainment/leisure
/finance/education/shopping and a range of other interactive internet functions.
The company provides fully integrated services and creates a 24-hour online
shopping environment. The Chinese Company's website is: http://www.24hh.com.
An important aspect of World Info China is to host websites. To attract new
users to host their websites, World Info China established a service enabling
internet users to create their own web sites. The Company strives to improve
the online experience of its users. For example, the users are provided with
disk space for personal web sites, web-page publishing and communication tools
to create their own fully customized, multimedia-rich content and e-mail, chat
and bulletin board services. Users are offered an opportunity to participate
in commercial activities, which include affiliate programs with major merchants.
The management of World Info China feels confident that it will capture a good
portion of the market share in the near future with their current business
model and aggressive planning for the expected improvement in the economy.
With less Internet competition, the company hopes to achieve growth by setting
up China operations to capture the vast market that is just beginning to
flourish with the internet and e-commerce. World Info China plans to expand
its internet business globally.
11
World Info China's objective is to be the Republic of China's leading member-
created online community for people on the web. The Company has designed a
multi-level marketing program to recruit website hosting. World Info China's
strategies to achieve its objective to continue to increase the number of
users and concentrate on member affinity programs to maintain its position as
a leading provider of personal web sites and to continue to grow its
membership base include offering easier-to-use web-page publishing tools,
allowing its users to easily create and enhance personal web sites, including
the integration of e-commerce opportunities and World Info China affiliate
programs, promoting http://www.24hh.com, its home website as a destination
point on the web by augmenting its existing distribution alliances and
launching brand-name promotional campaigns to drive both growth in membership
and traffic to its members' personal web sites.
In addition, World Info China intends to introduce more value-added member
services and strengthen and expand the number of affinity programs and
affiliate management tools that it offers. Management believes that its
focus on the needs of its users and enhancing their experience within the
World Info China's website community will produce continued growth in, and
foster loyalty among, its membership base. Management believes that a large
and growing base of committed users organized on a contextual basis provides
advertisers and e-commerce merchants with an attractive market to target
promotion and sales of their products and services, thereby creating added
advertising and commerce revenue opportunities for World Info China.
The Company had no dilutive common stock equivalents such as stock options
or warrants as of March 31, 2003.
Results of Operations
- ---------------------
Consolidated revenues for the three months ended March 31, 2003 were $901,000
versus $342,000 for the same period last year. Total revenues for the period
increase by $559,000. Management attributes this increase due to its
expansion of its customer base for website hosting.
Cost of sales, for the three months ended March 31, 2003, as a percentage
of sales was approximately 1.7%, while in the same period for 2002 it
approximated 7.8%. This decrease in cost of sales was primarily due to
economies of scale, through increased efficient use of company equipment.
Selling, general and administrative expenses increased from $215,000 in
2002 as compared to $249,000 for the three months ended March 31, 2003. Based
on increased revenues generated, management felt this increase in selling,
general and administrative expenses were in line with its operations.
For the three months ended March 31, 2001, the Consolidated results of Company
reflected a net profit after income taxes of $483,000. This compares to a
net profit of $47,000 for the same period last year. Management believes the
Company achieved increased profitability in a very difficult time for Internet
related companies and the economy in general.
12
The management of World Info China feels very confident that they will
continue to capture a good portion of the market share in the near future with
the current business model and aggressive planning for the expected improvement
in the economy. As internet based companies continue to close their operations,
this could mean less competition on the horizon. The company is looking to
achieve high growth with the possibility of setting up China operations to
capture the Chinese market that is just beginning to flourish in internet and
e-commerce. Management cautions, that there are no assurances the company will
be able to duplicate these increased results in future Quarters. Failure to
expand the Company's customer base can have an adverse effect on the Company's
future.
Liquidity and Capital Resources
- -------------------------------
As of March 31, 2003, the Company's current assets exceeded its current
liabilities by approximately $2,988,000.
On March 13, 2003, the Company effected a Merger and Reorganization Agreement
(the "Agreement") with World Information Technology, Inc., formerly EZ Travel,
Inc. ("WRLI"), a State of Nevada publicly-traded company. Pursuant to the
Agreement, WRLI acquired 80.75% of the outstanding common stock of the Company.
As consideration for the shares, WRLI transferred 13,805,524 shares of its
$0.001 par value common stock. The acquisition was accounted for using the
purchase method of accounting as applicable to reverse acquisitions because the
former stockholders of the Company controlled the WRLI's common stock
immediately upon conclusion of the transaction. Under reverse acquisition
accounting, the post-acquisition entity was accounted for as a recapitalization
of the Company.
There have been no other issuances of common or preferred stock.
Market For Company's Common Stock
- ---------------------------------
On September 26, 2002, the Company's common stock was cleared for trading
on the OTC Bulletin Board system, under the trading symbol: EZTL. Since
the Company was approved for trading, a very limited market exists for the
trading of the Company's common stock.
(a) There is currently no Common Stock which is subject to outstanding
options or warrants to purchase, or securities convertible into, the
Company's common stock.
(b) There is currently no common stock of the Company which could be sold
under Rule 144 under the Securities Act of 1933 as amended or that the
registrant has agreed to register for sale by security holders.
13
Dividends
- ---------
Holders of common stock are entitled to receive such dividends as the board of
directors may from time to time declare out of funds legally available for the
payment of dividends. No dividends have been paid on our common stock, and we
do not anticipate paying any dividends on our common stock in the foreseeable
future.
Forward-Looking Statements
- --------------------------
This Form 10-QSB includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included or incorporated by reference
in this Form 10-QSB which address activities, events or developments which
the Company expects or anticipates will or may occur in the future,
including such things as future capital expenditures (including the amount
and nature thereof), finding suitable merger or acquisition candidates,
expansion and growth of the Company's business and operations, and other
such matters are forward-looking statements. These statements are based
on certain assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current conditions and
expected future developments as well as other factors it believes are
appropriate in the circumstances. However, whether actual results or
developments will conform with the Company's expectations and predictions
is subject to a number of risks and uncertainties, general economic market
and business conditions; the business opportunities (or lack thereof) that
may be presented to and pursued by the Company; changes in laws or
regulation; and other factors, most of which are beyond the control of the
Company.
This Form 10-QSB contains statements that constitute "forward-looking
statements." These forward-looking statements can be identified by the use of
predictive, future-tense or forward-looking terminology, such as "believes,"
"anticipates," "expects," "estimates," "plans," "may," "will," or similar
terms. These statements appear in a number of places in this Registration and
include statements regarding the intent, belief or current expectations of
the Company, its directors or its officers with respect to, among other
things: (i) trends affecting the Company's financial condition or results of
operations for its limited history; (ii) the Company's business and growth
strategies; and, (iii) the Company's financing plans. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve significant risks and uncertainties, and that actual
results may differ materially from those projected in the forward-looking
statements as a result of various factors. Factors that could adversely
affect actual results and performance include, among others, the Company's
limited operating history, potential fluctuations in quarterly operating
results and expenses, government regulation, technological change and
competition.
14
Consequently, all of the forward-looking statements made in this Form 10-QSB
are qualified by these cautionary statements and there can be no assurance
that the actual results or developments anticipated by the Company will be
realized or, even if substantially realized, that they will have the expected
consequence to or effects on the Company or its business or operations. The
Company assumes no obligations to update any such forward-looking statements.
Item 3. Controls and Procedures
Within the 90 days prior to the date of this report, we carried out an
evaluation, under the supervision and with the participation of our
management, including our Chief Executive Officer and Chief Financial Officer,
of the effectiveness of the design and operation of our disclosure controls
and procedures pursuant to Securities Exchange Act Rule 13a-14. Based upon
that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that our disclosure controls and procedures are effective in timely
alerting them to material information relating to us (including our
consolidated subsidiaries) required to be included in our periodic SEC filings.
There have been no significant changes in our internal controls or in other
factors that could significantly affect internal controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
15
PART II OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company from time to time may be involved in litigation incident to the
conduct of its business. Certain litigation with third parties and
present and former shareholders of the Company are routine and incidental.
ITEM 2. Changes in Securities and Use of Proceeds
None.
ITEM 3. Defaults upon Senior Securities
None.
ITEM 4. Submission of Matters to a Vote of Security Holders
During the quarter ended March 31, 2003, no matters were submitted to the
Company's security holders.
ITEM 5. Other Information
Upon the acquisition of World Information Technology, Inc. (China), Edward
Zimmerman, III, the Company's founder resigned as a director of the Company.
Prior to his resignation, he appointed Hsueh-Chu Lin to the Board of Directors.
Pursuant to Nevada Corporate law, NRS 78.335(5), Hsueh-Chu Lin will fill
this vacancy. This new board member will hold office for the unexpired term
of his predecessor and/or until his successor(s) are elected and qualified.
Mr. Hsueh-Chu Lin has been appointed to the position as Chief Executive Officer,
Mr. Zimmerman becomes the Company's Chief Operating Officer. The Company's
Chief Financial Officer resigned to pursue other endeavors.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
99.1 Chief Executive Officer-Section 302 Certification pursuant to
Sarbane-Oxley Act.
99.2 Chief Executive Officer-Section 906 Certification pursuant to
Sarbane-Oxley Act.
16
(b) Reports on Form 8-K
The Company filed a Current Report dated January 3, 2003, pursuant to Item 9
("Regulation FD Disclosure") a Press Release entitled "EZ Travel, Inc. enters
into a Stock Purchase Agreement with World Information Technology Inc."
The Company also filed a Current Report dated January 3, 2003, pursuant to
Item 1 ("Changes in Control of Registrant"), Item 2 ("Acquisition of Disposition
of Assets"), and Item 7 "Exhibits" entitled "Stock Purchase Agreement by and
between EZ Travel and World Information Technology Inc."
The Company filed a Current Report on February 27, 2003, pursuant to Item 4
("Changes in Registrant's Certifying Accountants"), entitled "Resignation of
Public Accountant" and "Engagement of Beckstead and Watts, LLP;" and Item 7
("Exhibit") entitled "Letter of Resignation".
The Company amended its Current Report dated January 3, 2003, pursuant to
Item 1 ("Changes in Control of Registrant"), Item 2 ("Acquisition of Disposition
of Assets"), and Item 7 "Exhibits" entitled "Stock Purchase Agreement by and
between EZ Travel and World Information Technology Inc."
17
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
WORLD INFORMATION TECHNOLOGY, INC.
----------------------------------
Registrant
Dated: May 15, 2003
By: /s/ Hsueh-Chu Lin
----------------------------------
Hsueh-Chu Lin
Chief Executive Officer
In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.
Dated: May 15, 2003
By: /s/ Hsueh-Chu Lin
----------------------------------
Hsueh-Chu Lin
Chief Executive Officer
18
Exhibit 99.1 -- Chief Executive Officer Certification (Section 302)
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
CERTIFICATION
I, Hsueh-Chu Lin, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of World
Information Technology, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
and have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons
performing the equivalent functions):
a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
May 15, 2003 /s/ Hsueh-Chu Lin
- ------------ ------------------------------------
Hsueh-Chu Lin
Chief Executive Officer
19