SOURCE: World Assurance Group Inc.

October 26, 2009 08:15 ET

World Assurance Group (WDAS.OTC) Subsidiary Anav Holdings Corporation to Purchase Stake in Latin American Builder

Esmeraldas Housing Development Focusing on First 500 Houses

NEW YORK, NY--(Marketwire - October 26, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary Anav Holdings Corporation has signed a Letter of Intent with Ecuadorian based builder, Premier Development Group to help in development of its housing community based in Esmeraldas, Ecuador.

The Company has signed a proposal to enter into a purchase agreement with Premier Developments for a 30% participating interest in Premier's Urbanizacion Nuevos Horizantes Ciudela Privada Esmeraldas. The project currently under development is a proposed of a 12.5 hectare private housing community to be located in Tachina in Esmeraldas, Ecuador. Esmeraldas which is capital of Esmeraldas province has a population of nearly 450,000 and is currently experiencing population growth of around 4% per year, it is also the leading oil port of Ecuador. The entire project once completed is estimated at 500 to 5000 homes selling between $10,000 to $15,000.

Jonathan B. Morgan, President of WDAS stated, "Investing in Ecuador has many advantages than some Latin American countries. There are virtually no currency risks and the demand is high and increasing for lower and middle income housing projects. Premier Developments has an established track record in Ecuador which allows for additional growth potential and development opportunities. Ecuador is continuing to attract global investment for a variety of development and large scale infrastructure projects," he added.

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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.

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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