SOURCE: World Assurance Group Inc.

October 12, 2009 08:00 ET

World Assurance Group (WDAS.OTC) Subsidiary ANAV Holdings Corporation Proposes to Build Green Community

First Investment Focuses on Pacific North West, Residential Environmental Project

NEW YORK, NY--(Marketwire - October 12, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary ANAV Holdings Corporation has signed a letter of intent with Stone Creek Land Development, LLC.

The Company has signed a proposal to enter into a purchase agreement with Stone Creek for a 49% membership interest in an approved residential development in Bremerton, Washington. The project is within five miles of the Bangor Trident submarine base and within ten miles of Puget Sound Naval ship yard where two aircraft carriers intend to dock this October. The project already has roads, sewer, and infrastructure in place and is staked and ready with nominal dollars for vertical construction. The homes will be priced in the $185,000 - $200,000 price range. The sub $200,000 price range is a necessity in the area and the market remains quite strong even in this environment.

Jonathan B. Morgan, President of WDAS stated, "Our decision to sign the letter of intent was based on the location of the property, close to vertical construction of 29 affordable homes near a large military installation, and that the homes are proposed to be built green and would be the only green community in the area."

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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 Stone Creek Land Development, LLC.

Stone Creek is a Green community that will be the first residential environmental development in Bremerton, Washington. It is located within close proximity to the Puget Sound Naval Ship Yard and to date has 29 individual homes set for construction.

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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