SOURCE: World Assurance Group Inc.

October 13, 2009 08:15 ET

World Assurance Group (WDAS.OTC) Subsidiary ANAV Holdings Corporation to Utilize Environmentally Green Building System

Communities May Be Built Out of a Revolutionary New Building Product That Significantly Reduces the Time and Cost of Construction

NEW YORK, NY--(Marketwire - October 13, 2009) - World Assurance Group (PINKSHEETS: WDAS) announced today that its subsidiary ANAV Holdings Corporation in conjunction with Stone Creek Land Development intend to apply for approved use of a multi-patented composite building system that utilizes Expanded Polystyrene as the core material for all structural members -- walls, roof, and floor. The material is sprayed with a composite coating made of a precise blend of sand, cement, glass fiber and other patented additives that together create a building shell that meets or exceeds all testing protocols and load requirements of the ICC-ES. (ICC-ES is the United States' leader in evaluating building products for compliance with code and is a nonprofit, public-benefit corporation.)

The Company's signed proposal with Stone Creek for a 49% membership interest in an approved residential development in Bremerton, Washington is intended to be built out of this revolutionary new building product which is environmentally green, significantly reduces the time and cost of construction as well as eliminating the waste, therefore, causing a positive impact on the environment especially in comparison with stick build methods.

Jonathan B. Morgan, President of WDAS stated, "The system is intrinsically linked to the installation and application of a building system; it has a patented analysis program that accurately predicts the performance capability of a building utilizing any architectural design under any set of climate conditions. The system is earthquake resistant, hurricane resistant (tested to 260 MPH, rated 170MPH), vapor proof, water proof, mold resistant, air tight and 100% recyclable. It compares favorably by price to timber, which creates more waste and has a negative impact on the environment."

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About World Assurance Group Inc. (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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