SOURCE: World Assurance Group Inc.

November 02, 2009 08:30 ET

World Assurance Group (WDAS.OTC) Subsidiary ANAV Holdings Corporation Focuses on Central America in Conjunction With a New Ecuadorian Housing Mandate

$600 Million Earmarked by Government for New Housing projects

NEW YORK, NY--(Marketwire - November 2, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that the Ecuadorian Government has recently announced substantial policies aimed to increase new homebuyers in Ecuador.

New homebuyers will be allowed a $ 3,960 bonus given by the Housing Ministry for a new house they purchase. It seeks to expand such support to $ 5,000 for homes with a value of up to $ 60,000.

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. Currently these homes sell for $40,000 - $80,000 price range.

Last week the Ecuadorian Ministry of Urban Development and Housing (Housing Ministry) began a phase of the incentive program as a call to developers, builders, housing cooperatives and system operators to continue to combat the economic crisis and unemployment. The measures consist of financing development projects with resources from the International Book Freely Available (Rildo) and the cashier of the Central Bank (ECB) which are unused. The Housing Bank and the Housing Ministry announced. Approximately $600 million is to be earmarked for construction based loans, $200 million may be set for the delivery of $5,000 bonuses to those who purchase a home up to $60,000 until July 2010. In this regard, the Housing Ministry issued a call to developers who have urban housing projects up to that value. "Developers should approach the provincial offices in their region in order to be registered and qualified," said the Minister of Housing Walter Solís.

This portfolio of state now gives a bonus of $ 1,500 for home improvements, $ 5,000 for rural housing and $ 3,960 for new urban housing. Details of the new grant will be presented in coming days. Last week in a radio address to congress, President Rafael Correa said "the benefits of the incentive scheme for the construction sector will put many people to work and will create significant economic benefits as well as affordable housing."

Jonathan B. Morgan, President of WDAS, stated, "We see these government incentives as additional reassurance to investing in Ecuador and for our projects in Machala and Esmeraldas will be sure to benefit by such construction loans."

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

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

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