World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has booked $3.6 million in gross revenues for the quarter ending March 31, 2014, bringing WDAS to profitability.
The $3.6 million revenue is the first licensing income for WDAS and arises from the set-up fees relating to the first 6 solar plants under the Power Cloud license agreement. The ongoing 3% revenue share portion of the license agreement will be booked going forward commencing immediately in the current quarter. The $3.6 million has subsequently been received by the Company in full.
The full financial report for the quarter ending March 31, 2014 will be posted with OTC Markets on or before May 15th 2014 in line with OTC markets reporting guidelines. Results for the full year ended December 31, 2013 are expected to be posted on or before April 14th via the OTC Markets reporting service. As previously announced, WDAS has commenced the activities necessary to become fully reporting with the SEC which will include audits of the prior two financial years and an auditor review of the first quarter of 2014.
Mr Fabio Galdi, CEO of WDAS, said, "I am clearly delighted in generating our first revenues since the merger with WDAS. Receipt of the fully paid up license fees in cash brings WDAS to profitability within Q1. The future revenue shares will secure its position going forward in 2014 and establishes the WDAS licensing business model."
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.
