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.

For more information please visit www.anavholdings.com

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.

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.

Contact Information