WDAS CellAd Inc. Formalizes Joint Venture With AdKash Partner World Global Network
DUBLIN, Nov. 12, 2013 /PRNewswire/ -- World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that its wholly owned subsidiary, CellAd Inc., has recently formalized its partnership with World Capital Holdings pte and its wholly owned subsidiary World Global Network pte ("WGN") through a joint venture company, AdNovi Limited, registered in Ireland.
AdNovi will house all of the Intellectual Property, source code and trademarks for the mobile advertising technology platforms and smartphone applications relating to AdKash. CellAd will own 30% of the joint venture company with WGN owning the other 70%. CellAd is entitled to 30% of any dividends declared by that joint venture and/or any proceeds from the sales of the joint venture to a third party. AdNovi will receive a license fee based on a share of the revenues generated from advertising fees charged to customers for adverts displayed on the technology by either party.
In addition to the above, the parties have also completed a commercial agreement whereby CellAd will be the exclusive provider of advertising and content for the AdKash application and platform and will charge WGN for all ads displayed by AdKash under CellAd's general terms of business.
AdKash is the first app of its kind to directly reward users for viewing advertisements on their mobile devices every time they receive a call or text message. By simply downloading the AdKash Android smartphone app from the Google Play store, users will unlock a unique new way to make money from their mobile devices. More information on how to download the app and learn more about how AdKash works can be found at www.cellad.com.
Mr. Fabio Galdi, Founder and CEO of World Global Network, commented, "This has been a very rewarding relationship so far while we worked on the contract documents and also brought the platform into operation. We are fully committed to this exciting global opportunity with CellAd to exploit the rapidly growing $5 billion mobile advertising market." More details on WGN can be found at www.worldgmn.com/corporate_gmn.php.
Mr. Sean McVeigh, CEO of CellAd, said, "We are very pleased to formalize our relationship with WGN through AdNovi. We believe this better clarifies the existing relationship between the two companies following a number of queries from shareholders relating to it. We will continue to work closely with Fabio and the team at WGN to maximize the growing global potential of our model."
About World Assurance Group
World Assurance Group Inc. is a holding company that currently operates through two wholly owned subsidiaries: CellAd Inc., a digital media company based in Ireland operating in the global mobile advertising industry and ANAV Holdings Corporation, a development stage real estate investment company in the United States. CellAd Inc. has developed, along with its partners, a revolutionary new cloud based advertising platform that allows advertisers and brands to deliver high definition, full screen adverts, coupons and click-through offers to subscribers via its smartphone application. Once installed, every time the subscriber receives an inbound call or text message CellAd will pay the subscriber a fee in the form of cash or other agreed medium. Additional information may be found at www.worldassurancegroup.com
This press release contains forward-looking statements. Words such as "expects", "intends'', "believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE World Assurance Group Inc.
Copyright 2013 PR Newswire
DUBLIN, Nov. 12, 2013 /PRNewswire/ -- World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that its wholly owned subsidiary, CellAd Inc., has recently formalized its partnership with World Capital Holdings pte and its wholly owned subsidiary World Global Network pte ("WGN") through a joint venture company, AdNovi Limited, registered in Ireland.
AdNovi will house all of the Intellectual Property, source code and trademarks for the mobile advertising technology platforms and smartphone applications relating to AdKash. CellAd will own 30% of the joint venture company with WGN owning the other 70%. CellAd is entitled to 30% of any dividends declared by that joint venture and/or any proceeds from the sales of the joint venture to a third party. AdNovi will receive a license fee based on a share of the revenues generated from advertising fees charged to customers for adverts displayed on the technology by either party.
In addition to the above, the parties have also completed a commercial agreement whereby CellAd will be the exclusive provider of advertising and content for the AdKash application and platform and will charge WGN for all ads displayed by AdKash under CellAd's general terms of business.
AdKash is the first app of its kind to directly reward users for viewing advertisements on their mobile devices every time they receive a call or text message. By simply downloading the AdKash Android smartphone app from the Google Play store, users will unlock a unique new way to make money from their mobile devices. More information on how to download the app and learn more about how AdKash works can be found at www.cellad.com.
Mr. Fabio Galdi, Founder and CEO of World Global Network, commented, "This has been a very rewarding relationship so far while we worked on the contract documents and also brought the platform into operation. We are fully committed to this exciting global opportunity with CellAd to exploit the rapidly growing $5 billion mobile advertising market." More details on WGN can be found at www.worldgmn.com/corporate_gmn.php.
Mr. Sean McVeigh, CEO of CellAd, said, "We are very pleased to formalize our relationship with WGN through AdNovi. We believe this better clarifies the existing relationship between the two companies following a number of queries from shareholders relating to it. We will continue to work closely with Fabio and the team at WGN to maximize the growing global potential of our model."
About World Assurance Group
World Assurance Group Inc. is a holding company that currently operates through two wholly owned subsidiaries: CellAd Inc., a digital media company based in Ireland operating in the global mobile advertising industry and ANAV Holdings Corporation, a development stage real estate investment company in the United States. CellAd Inc. has developed, along with its partners, a revolutionary new cloud based advertising platform that allows advertisers and brands to deliver high definition, full screen adverts, coupons and click-through offers to subscribers via its smartphone application. Once installed, every time the subscriber receives an inbound call or text message CellAd will pay the subscriber a fee in the form of cash or other agreed medium. Additional information may be found at www.worldassurancegroup.com
This press release contains forward-looking statements. Words such as "expects", "intends'', "believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE World Assurance Group Inc.
Copyright 2013 PR Newswire
