SOURCE: World Assurance Group Inc.

November 09, 2009 07:57 ET

World Assurance Group (WDAS.OTC) Subsidiary Anav Holdings Corporation Announces Banco Del Pacifico of Ecuador to Start Housing Loan Program for First Time Buyers

$200 Million Credit Facility Offers Benefits for Buyers of Machala-Based Nuevos Horizantes Project

NEW YORK, NY--(Marketwire - November 9, 2009) - 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

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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