WAIV .015 x .025
LOS ANGELES, Feb. 7 /PRNewswire-FirstCall/ -- World Associates, Inc. ("World", OTC: WAIV). 2005 was a defining year for World Associates, Inc. The following information provides some highlights.
During 2005 Superior Real Estate, Inc., the Company's wholly owned subsidiary, sold the homes it built as part of its Infill Program. There were six model homes and another property for which approvals were obtained to build 96 multifamily units. The total income realized by these sales was approximately $3,400,000. After paying sales expenses, investor profit sharing and other costs, the Company realized a modest profit that will be more clearly defined when the financial statements for the year are complete.
During 2005 the Company settled more than $615,845 in obligations against the Company and some stock was returned to the treasury. That includes $450,000 in back salaries that had accrued over more than a two-year period that were converted into restricted stock by the Company's CEO, Randall Prouty and the President of Superior, LeRoy West. This is stock controlled by insiders who have no plans to sell that stock at this time. It also includes a further settlement with Robert O'Leary. O'Leary was paid $15,845 to reimburse expenses; the Company transferred a residential lot with a basis of approximately $20,000 to satisfy a note to O'Leary for $150,000; and, O'Leary returned 928,000 shares of common stock to the Company that will be sent to the Company's transfer agent to be cancelled.
The Company completed an SEC review of its past filings in the last quarter of 2005. Information about this process and the results were disclosed in 8-K filings made on November 1, 2005. Although the Company is currently focused on business development efforts, the Company does intend to make up its filings and regain its reporting status in due course.
World Associates, Inc. has plans to create a land fund to significantly expand its land development business. The Company took a significant step toward that goal recently when it put more than 4,743 acres of land in northern New Mexico under contract. A closing is not certain until the due diligence is complete and the Company finalizes its financing. This purchase would be a big step toward realizing the plans for a land fund based upon sustainable development practices. More information will be released on this and other of the Company's activities shortly.
SOURCE World Associates, Inc.
