World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has completed the acquisition of World Global Assets Pte Ltd ("WGA") for 50 million WDAS restricted shares. WGA is the owner of the Wor(l)d Global Network Pte Ltd brands, trademarks, technology and IP, including ADKASH, and other technology products.
WGA brands include wor(l)d, wor(l)d global network, wor(l)d communicate, wor(l)d technology, wor(l)d GMN, wor(l)d Global Cards and wor(l)d Global Money, AdKash. WGA technology includes the Magic Phone, wor(l)d Phone 4, wor(l)d Mini Tab, DigitalSIM, SoftSIM and Videowebmeet. Further information on the WGA technology and trademarks can be found at http://www.worldglobalgroup.com/?page_id=7.
WGA brings immediate and sustained revenues and profits to WDAS from the license revenues generated from the newly acquired intellectual property.
Prior to the transaction, WGA was majority owned and controlled Mr. Fabio Galdi, WDAS's Chairman and CEO. The shares issued for the transaction are restricted for two years from the date of issuance and are subject to normal affiliate restrictions. Full details of the transaction can be found in the Supplemental Information filed with OTC markets at http://www.otcmarkets.com/stock/WDAS/filings
Mr Fabio Galdi, CEO of WDAS, said, "We are delighted to bring these core assets into the Company. These brands and technologies already generate revenues from sales around the world and in turn, license fees for WDAS. This transaction brings immediate revenues and profits to WDAS and will further underpin the business licensing model for the future."
About World Assurance Group
World Assurance Group Inc. is a holding company that currently operates through three wholly owned subsidiaries: Cellad Inc., a digital media company based in Ireland operating in the global mobile advertising industry. World Global Group Inc. (WGG), an intellectual property licensing company based in Miami, Florida and World Global Assets Pte Ltd (WGA), based in Singapore and which owns the Wor(l)d Global Network Pte Ltd brands, trademarks, technology and IP. 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 pays the subscriber a fee in the form of cash or other agreed medium. WGG develops and 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.
