NEW YORK, May 19, 2014 /PRNewswire/ -- World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has booked an additional $300,000 to WDAS Q2'14 revenues arising from the license set-up fee following the completion of the fund raising phase of Power Cloud 12. This brings total revenues from Power Clouds to over $1.9 million for the current quarter. As part of its technology and brand license agreement, WDAS receives 10% of the set-up costs once funding is completed and a further 3% of the ongoing revenues once these Power Clouds go into production.
In addition, with over half of all Power Cloud projects now based in Japan, and to consolidate its long-term investment in the region, WDAS partner company Power Clouds Pte, has announced the establishment of Power Clouds Japan (GK) as a wholly owned subsidiary, following the recent visit there by Mr. Fabio Galdi, Chief Executive Officer of WDAS. Power Clouds Pte will also secure its position in the region by enhancing its management team, with the appointment of Mr Federico Micheli, a world-leading expert in the field of the renewable energy in Europe and Far East Asia, who will lead the subsidiary in Japan.
Funding of the twelfth Power Cloud has been made possible by the participation of more than 45,000 people worldwide who have funded Power Clouds for social, environmental and economic benefit. Just over a year ago, funding for Power Clouds started. In August, 2013 the first Power Cloud went in to production (see: http://www.powerclouds.com/index.php/cloud-1-scornicesti/). Now, fund raising for the next Power Cloud is already underway. For more information on the Power Cloud projects, please go to: http://www.powerclouds.com/index.php/projects/.
Mr Roberto Forlani, Chief Executive Officer of Power Clouds Pte., says, "I am delighted that we have been joined by such a strong and experienced professional. Such an appointment will ensure that we continue to operate at the highest possible professional standards in Japan and will help consolidate our progress in the region. This will also allow us to start looking to the next country for Power Cloud projects."
Mr Fabio Galdi, Chief Executive Officer of WDAS says, "As well as bringing a wealth of technical and commercial expertise to Power Clouds, Federico will work closely with Mr. Forlani to fast track Power Cloud's development in Japan and worldwide. We expect that this will also open up new and valuable opportunities for WDAS and we look forward to continuing our strong partnership with Power Clouds as they continue to grow."
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About World Assurance Group
World Assurance Group, Inc. (WDAS) 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.