NEW YORK, April 23, 2014 /PRNewswire/ -- World
Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink:
WDAS) today announces that it has recently filed unaudited results
for the three months ended March 31,
2014, via the OTC Markets Disclosure & News Service. Key
results of the unaudited financials were:
- Revenues of $3.6 million for the
quarter ending March 31, 2014 versus
zero revenues for the same quarter in the previous year.
- EBITDA profit of $3,446,433 for
the current quarter versus a loss of $44,201 for the same period the previous
year.
- Net Profit for the quarter ending March
31, 2014 was $3,649,582
compared to a loss of $44,201 for the
same period last year.
- Assets increased by $3.6 million,
being the receivable due for the revenues. Full payment of the
receivable was made in April
2014.
- Total Assets increased by $3.6
million and the Company reported a working capital surplus
of $3.4 million.
Full details of the Company's Quarterly Report are accessible at
http://www.otcmarkets.com/stock/WDAS/filings
Mr. Fabio Galdi, CEO of WDAS,
said, "I am very pleased with our first quarter results for
WDAS, especially as it is our first quarter within WDAS. This is a
good start and provides us with a solid platform to build on going
forward, as we bring new revenue streams and profits to the company
not just from the current set of licenses but also from new and
exciting emerging technologies. We plan to use the cash on hand to
acquire additional technology and apply further research to our
existing products. We are also exploring options with the current
capital structure with a view to have it better reflect our belief
that WDAS is currently undervalued, based on the business now and
also to prepare for our aim of listing on a major US exchange as
soon as possible."
About World Assurance Group
World Assurance Group, Inc. is a holding company that currently
operates through three wholly owned subsidiaries: Cellad Inc., a
digital media company based in Ireland operating in the global mobile
advertising industry. World Global Group Inc. (WGG), an
intellectual property licensing company based in Miami, Florida and World Global Assets Pte Ltd
(WGA), based in Singapore and
which owns the Wor(l)d Global Network Pte Ltd brands, trademarks,
technology and IP. Cellad's Adkash smartphone app is revolutionary
new cloud advertising platform that allows advertisers and brands
to deliver high definition, full screen adverts, coupons and
click-through offers to subscribers via smartphone applications.
When Adkash is installed on the user phone, every time they receive
an inbound call or text message, Adkash pays the subscriber a fee
in the form of cash or other agreed medium. WGG develops and
acquires innovative technologies that are disruptive to existing
processes. Additional information may be found at
www.worldassurancegroup.com
This press release contains forward-looking statements. Words
such as "expects", "intends'', "believes'', and similar expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking
statements involve a number of risks and uncertainties, including
the timely development and market acceptance of products and
technologies, the ability to secure additional sources of finance,
the ability to reduce operating expenses, and other factors
described in the Company's filings with the OTC Markets Group. The
actual results that the Company achieves may differ materially from
any forward-looking statement due to such risks and uncertainties.
The Company undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this
release.
SOURCE World Assurance Group, Inc.