WDAS Establishes New Subsidiary To House Wor(l)d Intellectual Property Licensing - Completes First Agreement In Green Technology Sector
Mar 17, 2014 09:24:00 (ET)
NEW YORK, March 17, 2014 /PRNewswire/ -- World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has recently established World Global Group Inc. (WGG), a wholly owned subsidiary based in Miami, Florida. WGG develops, acquires and subsequently licenses innovative technologies that are sold through the established powerful Wor(l)d Global Network (www.worldgn.com) marketing channels and to other partners worldwide.
WGG has already secured its first agreement to its technology through www.powerclouds.com. WGG owns the technology, brand and revolutionary business model, applying the cloud-computing approach to the energy market, and already operates 6 Power Clouds around the world counting 32,313 participants in over 100 countries since 2013.
Under the licensing agreements, WGG will receive 10% of the Power Cloud setup revenues, amounting to approximately $600,000 per Power Cloud installation and an ongoing 3% of the energy revenues generated thereafter.
It is intended to replicate this licensing approach in a number of different businesses, where WGG can leverage already established channels to market.
Mr. Fabio Galdi, CEO of World Assurance Group, said, "The Power Clouds project is truly revolutionary in how it addresses one of the biggest challenges to the planet today -- green energy. With Power Clouds, we are bringing solar energy to local communities and making it affordable for everyone to help with this global challenge. This is WGG's first licensing agreement. It will generate immediate revenues for WDAS and will establish the basis for WGG to investigate opportunities in innovative new technologies so that WGG can become the technology bridge between innovators and our technology hungry users worldwide. We will be completing more licensing deals in the next few months. Our current target areas are in wearable technologies and mobile money, but we are open to any new technology that can be commercialized on a worldwide scale and leveraged through our existing powerful sales channels. I am very excited for the future of WDAS and what we can achieve for our shareholders over time."
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 World Global Group Inc. (WGG), an intellectual property licensing company based in Miami, Florida. Cellad's Adkash smartphone app is revolutionary new cloud advertising platform that allows advertisers and brands to deliver high definition, full screen adverts, coupons and click-through offers to subscribers via smartphone applications. When Adkash is installed on the user phone, every time they receive an inbound call or text message, Adkash will pay the subscriber a fee in the form of cash or other agreed medium. WGG develops, acquires innovative technologies that are disruptive to existing processes. 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.
/CONTACT: Investor Relations, Sean McVeigh, info@worldassurancegroup.com, 855-467-6500
/Web site: http://www.worldassurancegroup.com
/Web site: http://www.worldgn.com
(END) Dow Jones Newswires
March 17, 2014 09:24 ET (13:24 GMT)
