World Assurance Group Inc. (PINKSHEETS: WDAS) Launches Credit and Distressed Real Estate Subsidiary Anav Holdings Corporation
NEW YORK, NY -- (Marketwire) -- 10/09/09 -- World Assurance Group Inc. (PINKSHEETS: WDAS) announced today that it has embarked on a new direction by launching Anav Holdings Corporation.
Anav Holdings Corporation will be focused on distressed commercial and residential real estate opportunities within the United States, the United Kingdom, Germany and Canada. The investment strategy will focus primarily on investments in discounted and distressed properties and participating in opportunistic direct lending. Anav's distressed real estate team will utilize fundamental analysis to purchase distressed and technically discounted assets with target returns over 25% and significant downside assurance. The company plans to focus first on cash flowing commercial properties and apartment buildings which have come under considerable financial pressure.
"We see that the market is ripe with opportunity and we plan to capitalize on this downturn effect," said Mr. Jonathan Morgan, President of Anav Holdings Corporation. "The lack of credit facilities for small and medium commercial properties is where we intend to focus first," he added.
For more information please visit www.anavholdings.com
About World Assurance Group Inc. (PINKSHEETS: WDAS)
World Assurance Group Inc. 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.
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.
Contact:
Shelley Schonfeld, VP
Phone: (212) 613-6329
Email: info@anavholdings.com
