SOURCE: World Assurance Group Inc.

October 19, 2009 08:15 ET

World Assurance Group (WDAS.OTC) Subsidiary ANAV Holdings Corporation Proposes to Enter the Self Storage Industry

US Self Storage Industry Estimates 2008 Total Sales in Excess of $20 Billion (USD)

NEW YORK, NY--(Marketwire - October 19, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary ANAV Holdings Corporation has signed a letter of intent with NFL PA, LLC.

The Company has signed a proposal to enter into a purchase agreement for a 45% membership interest for 4.5 acres in Tacoma, Washington. The project has all the entitlements in place and construction may begin within 120 days of closing. The property is a proposed '881 Third Generation' (self-automated, modern, institutional quality self storage) unit project. When completed, the multi-story facility will contain 879 climate-controlled units with a state of the art digital video security system. The electronic system will not only monitor the activities of customers in and out of the facility, but will also allow the automatic lockout of tenants with past due balances. The project will fill the void of the present storage facility market in the area.

The Self Storage Association (SSA) represents the huge US self storage industry that is comprised of more than 52,000 facilities. The SSA estimates that in 2008 the industry had total sales in excess of $20 billion (USD). The average US self storage facility has approximately 42,000 square feet of rentable space and pays an average of between $30,000 and $40,000 per year in local property taxes. The entire industry pays nearly $3.5 billion per year in local property taxes nationwide. Since 1975, the SSA has been the official not-for-profit (IRS Code section 501-c-6) trade association representing the self storage industry and the registered lobbying organization before the United States Congress and the federal agencies.

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 universities and military installations (more than 700,000 self storage units nationwide are rented to military personnel, 4% of all units; however, in communities adjacent to domestic US military bases military occupancy can be from 20%-95% of all rented units). Additionally, WDAS intends to become a member of the SSA."

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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.


NFL PA was created as a special purpose entity specifically for the purpose of servicing the self storage industry. It was originally formed by an ex-NFL player, hence the name NFL PA, and is subsequently being managed by a member of Sustainable Green, Inc.

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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