DUBLIN, Dec. 10, 2013 /PRNewswire/ -- World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that its wholly owned subsidiary, CellAd Inc., has seen its AdKash mobile application downloads grow to over 100,000 as reported on Google's Play Store statistics.
The fact that Google independently confirms the AdKash downloads strengthens CellAd's position with potential advertisers in the rapidly growing global mobile advertising market. Zenith Optimedia, a leading research company, yesterday announced that global mobile advertising was worth $8.3billion in 2012, or 9.5% of internet expenditure, and forecast that this will rise to $33.1 billion in 2015, equating to 25.2% of internet expenditure and 6.0% of all advertising expenditure.
AdKash is one of the first smartphone apps of its kind to directly reward users for viewing rich content, full screen advertisements on their mobile devices every time they receive a call or text message. By simply downloading the AdKash Android smartphone app from the Google Play store, users will unlock a unique new way to make money from their mobile devices. More information on how to download the app and learn more about how AdKash works can be found at www.cellad.com.
Mr. Sean McVeigh, CEO of CellAd, said, "From an application development perspective, we have made solid progress in releasing new updates to enhance the user experience in our target markets. However, we found that we need to incorporate advertiser feedback into AdKash, which has extended our development window and has caused us to unfortunately miss our previously stated goal of generating first revenues in the third calendar quarter as previously announced. With our continuing AdKash downloads independently verified by Google Play, this validates our user model and now that we have hit 100,000 downloads, we have a very credible position with advertisers. We had an excellent event at our launch at the recent ad:tech convention in New York and we are now fully engaged in follow up discussions with partners and advertisers to monetize AdKash."
About World Assurance Group
World Assurance Group, Inc. is a holding company that currently operates through two wholly owned subsidiaries: CellAd Inc., a digital media company based in Ireland operating in the global mobile advertising industry and ANAV Holdings Corporation, a development stage real estate investment company in the United States. CellAd Inc. has developed, along with its partners, a revolutionary new cloud based advertising platform that allows advertisers and brands to deliver high definition, full screen adverts, coupons and click-through offers to subscribers via its smartphone application. Once installed, every time the subscriber receives an inbound call or text message CellAd will pay the subscriber a fee in the form of cash or other agreed medium. 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.