SOURCE: World Assurance Group Inc.

October 22, 2009 08:15 ET

World Assurance Group (WDAS.OTC) Subsidiary ANAV Holdings Corporation to Purchase Stake in Latin American Builder

20% of First Phase Already Sold - in Full Production in Machala Ecuador With a Total of 500 Homes to Be Built

NEW YORK, NY--(Marketwire - October 22, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary ANAV Holdings Corporation has signed a letter of intent with Ecuadorian-based builder Premier Development Group to help in completion of its Machala-based housing community.

The Company has signed a proposal to enter into a purchase agreement with Premier Developments for an 8.5% participating interest in Premier's Urbanizacion Nuevos Horizantes Ciudela Privada. The project currently under construction is a proposed 15 hectare private housing community to be located at Santa Barbara and Y Del Cambio right in Machala, Ecuador, one of the leading ports in Latin America. The project is currently in full production in its first phase and to date has already sold 20% of the 207 homes in the first phase. The entire project once completed with Phase Two will be an estimated 500 home development. Currently houses are selling in the $40,000-$80,000 price range.

Jonathan B. Morgan, President of WDAS, stated, "Southern Ecuador is one of the leading areas in Latin America and the growth for middle range housing is tremendous, unlike other countries and projects, Premier Developments has already raised considerable capital and is in full production on the first phase of its Machala projects. This letter of intent is a great first step into Ecuador and we see enormous growth potential."

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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 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

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