NEW YORK, NY--(Marketwire - 11/16/09) - World Assurance Group (Pinksheets:WDAS - News) announced today that its subsidiary ANAV Holdings Corporation intends to continue to aggressively pursue new residential and commercial property opportunities along with green sustainable building products in emerging markets.
WDAS has already signed Letters of Intent with Premier Housing Development of Machala focusing on residential housing projects based in Ecuador. The Company was very impressed by the recent news that Ecuador will spend more than $900 million on housing and infrastructure projects in a bid to revive the country's economy. Ecuadorian President Rafael Correa announced these stimulus projects to begin driving the Ecuadorian economy which is focusing first on housing. Most of the money for the investments will come from $2.2 billion in international reserves that the government is repatriating from the foreign banks where the reserves are being held, Correa said in a public address two weeks ago in Quito, Ecuador.
WDAS is focusing on growth in emerging markets as it allows North America, Europe and Asia real estate to reset and restructure. With South America looking poised to continue despite a history of volatility, regions such as Central, South & Latin America, Mexico, Africa and the Middle East may become a bigger part of the WDAS picture along with certain areas in the Asia-Pacific region such as Indonesia.
Jonathan B Morgan, President of WDAS, stated, "that economic growth in emerging markets and in Ecuador in particular is set to boom based on many of these governments support for the sector and by the fact that the banks are lining up to provide financing to many lower and middle income housing projects. Developers in these regions are set for long term growth as the middle class increases and as all of these economies increase consumption and GDP. It's a sector with long term growth and opportunity."
WDAS management believes that there are further opportunities and challenges in keeping up with demand for new building products and materials. WDAS intends to aggressively pursue new products and invest in the emerging market regions. WDAS plans to bring in additional products from North America, Europe and Asia to meet any growing demand. It is critical for WDAS to win in growing markets in order to establish itself as a regional and then a global player.
About World Assurance Group Inc (Pinksheets:WDAS - News)
World Assurance Group through its wholly owned subsidiary ANAV Holdings Corporation intends to participate in all areas of real estate transactions, including direct ownership, co-investment with other institutions or developers, as well as indirect participation through the acquisition of distressed debt and/or non-performing loans with the eventual goal of control of the underlying assets. For more information please visit www.anavholdings.com
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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