NEW YORK, NY -- 11/09/09 --
World Assurance Group (PINKSHEETS: WDAS)
announced today that its subsidiary Anav Holdings Corporation in
conjunction with its Ecuadorian housing partner Premier Developments is
pleased to announce that Banco Del Pacifico of Ecuador will receive $200
million to lend to first time Ecuadorian home buyers.
The Ecuadorian government has earmarked $200 million to Banco del Pacifico
for this purpose. The proposal is part of a government incentive scheme
announced last week to boost construction and provide the middle class easy
access to housing loans conditional for first time home buyers.
Gonzalo Vivero, Executive Vice president of the Banco Del Pacifico,
estimated, "That these loans could benefit close to five thousand people
who would be allowed to access housing credits throughout next year." He
added, "An additional 200 million dollars would also be placed in the
Ecuadorian Housing Bank to make loans to builders with an annual interest
of 5%.
WDAS had announced on Oct 22, 2009 that its subsidiary Anav Holdings
Corporation signed a proposal to enter into a purchase agreement for an
8.5% participating interest in a 15 hectare private housing community
located at one of the leading ports in Latin America with Premier
Developments. The project's first phase is in full production and has
already sold 20% of the 207 homes. The entire project including phase two
will be an estimated 500 home development.
Jonathan B. Morgan, President of WDAS, stated, "Having first time home
buyers and builders in Ecuador able to access credit like this will allow
for many more developments like Nuevos Horizantes to take place and we
intend to be involved in many new housing developments in Ecuador."
About World Assurance Group Inc (PINKSHEETS: WDAS)
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
About Premier Development Group
Premier Development Group is a leading Housing and Construction Company
with offices located in both Machala and Quito Ecuador and head offices in
Miami Florida. Premier is developing housing units and is currently working
in Ecuador, Mexico and Guatemala. The Nuevos Horizantes project is
currently in full production and has sold 20% of Phase One in Machala,
Ecuador. For more information please visit www.premierdevelopmentgroup.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.
Contact:
Shelley Schonfeld
VP
Phone: (212) 613-6329
Email: info@anavholdings.com
