BALANCE SHEET ASSETS TO IMPROVE BY $15 MILLION
World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) announces that it has completed the acquisition of three operating companies from Power Clouds Pte Ltd (www.PowerClouds.com), its Singapore based partner, in a predominantly equity transaction.
The three companies, Solar Parc Moldoveni SRL, Fran SRL and Power Clouds (Japan) Ltd are all subsidiaries of Power Clouds Pte Ltd and currently have 5 Power Clouds in production with a capacity of 6.1 Megawatts generated from 25,000 photovoltaic solar panels (Power Units). An additional 35,000 Power Units have already been funded by Power Cloud participants and are expected to be used in the completion of 14 new Power Clouds to generate green electricity in Japan. Based on standard industry valuation metrics, these plants are expected to have an asset value in excess of $15 million, which will be booked as fixed assets on the WDAS balance sheet, when fully consolidated.
Under the terms of the transaction, WDAS issued a $100,000 promissory note to Mr. Forlani, Power Clouds’ CEO and sole shareholder, accruing no interest and payable in full on March 25, 2016. Mr. Galdi, WDAS’s CEO and controlling shareholder, transferred 6,500,000 shares of WDAS common stock owned by Mr. Galdi personally to Mr. Forlani, and WDAS issued a further 6,500,000 shares of WDAS common stock to Power Clouds Pte Ltd. Full details of the transaction are available at http://www.otcmarkets.com/stock/WDAS/filings.
The Company plans to change its name to Power Clouds Inc. and will also seek a change in ticker symbol in due course to better reflect its new business.
Mr Fabio Galdi, Chairman of WDAS, said, “Over the past few months we have undertaken a full examination of the best strategic options for WDAS and its shareholders going forward. The acquisition of these Power Cloud operating companies brings WDAS directly into the solar power generation business. This delivers significant value to the business, not just in terms of hard assets but also with ongoing operations in high growth and future orientated businesses. With this refocus into operational activities, the investment community can better understand our business and also benchmark our performance with peers in solar power generation.”
Mr. Roberto Forlani, CEO of Power Clouds Pte. Ltd., commented, “This is a very exciting time for Power Clouds with our business growing rapidly and community participation levels increasing all the time. We have been a successful partner of Mr. Galdi for some time and a customer of WDAS already, so to bring the Power Clouds business directly into a public company allows us accelerate our growth plans and deliver increased security to our current participants and customers alike. Being part of a US publically listed company demonstrates stability, which is important for new jurisdictions that we are already in discussions with to build additional Power Clouds and for those locations where we already have operations. We look forward to continuing to build on our successful model for the benefit of all participants in our projects and also for our planet.”
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 Assets Pte Ltd (WGA) based in Singapore and which owns the Wor(l)d Global Network Pte Ltd brands, trademarks, technology and IP and World Media and Technologies Inc (“WRMT”) an OTC listed company operating in the wearable technology and communications arena. Additional information may be found at www.worldassurancegroup.com and at www.worldmediatech.com
About Power Clouds Pte Ltd
Power Clouds Pte Ltd develops renewable and sustainable energy projects worldwide and it engages in planning, creating and managing photovoltaic plants all over the world. It identifies optimal locations for its solar plants and then supports these projects with the coordination of business development activities and the strategic resources of engineers, suppliers, skilled builders and partner companies. The company HQ is in Singapore with operational plants in Romania and activities in Japan and other worldwide locations. The company has a core team of experts and project managers operating at international level, who have specific expertise in photovoltaics, the green economy and who are able to deliver the highest technical and cutting-edge solutions. Tens of thousands of people from over 100 different countries are already participants in Power Clouds. For further information about how the Power Clouds model works, see www.PowerClouds.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.