SOURCE: World Assurance Group Inc.

October 14, 2009 08:00 ET

World Assurance Group (WDAS.OTC) Subsidiary Anav Holdings Corporation Plans to Build Student Housing Development at the University of Washington, Tacoma

Student Dormitory Project to Increase Units on University Campus

NEW YORK, NY--(Marketwire - October 14, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary Anav Holdings Corporation has signed a letter of intent with Student Housing LLC.

The Company has signed a proposal to enter into a purchase agreement with Student Housing for a 15% participating interest in campus housing at the University of Washington in Tacoma, Washington. The project is a proposed 16-story mid rise tower overlooking the University of Washington, Tacoma campus, and the mountains. The project includes 64 quad living units, 104 dormitory style rooms and 13 resident advisor apartments for a total occupant count of 477. The site is located at Northwest corner of 21st and Fawcett in downtown Tacoma.

Jonathan B. Morgan, President of WDAS, stated, "Room Board, and Dorm housing is a $1.4 billion a year industry in the United States and currently the University of Tacoma needs additional student housing. This letter of intent is a strong move based on the location of the property, and for the opportunity to increase the number of units quickly," 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 Student Housing LLC

Student Housing LLC intends to develop residence and dormitory units at the University of Washington, Tacoma. The proposed development will include total occupancy of 477 units and is to be situated at the corners of 21st and Fawcett in downtown Tacoma.

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