SOURCE: World Assurance Group Inc.

November 04, 2009 17:11 ET

World Assurance Group (WDAS.OTC) Subsidiary Anav Holdings Corporation to Utilize Environmentally Green Building Systems for Ecuadorian Projects

Ecuadorian Foreign Investment Increases $203 Million

NEW YORK, NY--(Marketwire - November 4, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary Anav Holdings Corporation in conjunction with its Ecuadorian projects intend to build new construction and homes out of revolutionary new building products which are environmentally green. The new products significantly reduce the time and cost of construction as well as eliminating the waste, therefore, causing a positive impact on the environment especially in comparison with stick build methods. The Company is presently working with Sustainable Green Corporation to develop homes in Mexico and is also investigating the use of a Mold Free building system as well as other Green building systems.

Ecuador's direct foreign investment totaled $203 million in the second quarter of 2009, rising from the $103 million registered in the same period last year, the central bank said Wednesday. The central bank said $44 million of the FDI came from Argentina, $24 million from Mexico, $21 million from Spain, $15 million from Panama, and the rest from other countries. Foreign direct investment in Ecuador totaled a net $121 million in the first quarter of 2009.

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, "We are looking forward to beginning to build and develop Ecuador, Mexico and other areas. We believe that Mexico, Central America and South America are within our reach within 12 to 18 months. The building methods and products that are being utilized are world class."

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

About Sustainable Green Corporation

Sustainable Green Corporation utilizes a multi-patented composite building system that utilizes Expanded Polystyrene as the core material for all structural members -- walls, roof, and floor. The material is sprayed with a composite coating made of a precise blend of sand, cement, glass fiber and other patented additives that together create a building shell that meets or exceeds all testing protocols and load requirements of the ICC-ES. (ICC-ES is the United States' leader in evaluating building products for compliance with code and is a nonprofit, public-benefit corporation, www.icc-es.org). The building system is intrinsically linked to the installation and application of a building system; it has a patented analysis program that accurately predicts the performance capability of a building utilizing any architectural design under any set of climate conditions. The system is earthquake resistant, hurricane resistant (tested to 260 MPH, rated 170 MPH), vapor proof, water proof, mold resistant, air tight and 100% recyclable. It compares favorably by price to timber, which creates more waste and has a negative impact on the environment.

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.

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