NEW YORK, April 15, 2014 /PRNewswire/ -- World Assurance Group Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that WDAS Q2'14 group revenues have reached $1,012,500 so far this quarter for license fees associated with the completion of funding of Power Clouds 9. Power Clouds Pte. Ltd. has committed over $10.125 million this quarter to develop Power Clouds 7, 8 and 9 in Japan. 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.
Funding for Power Cloud 9 was completed last week, allowing WDAS to receive the related setup license fees, and comes on the back of over $3.6 million in license fees booked by WDAS in the first quarter. Funding for Power Cloud 10 is already over 35% complete, and at current funding take up rates, should achieve full funding in the current quarter also, which would further add to the $1 million booked by WDAS so far for this quarter. For more information on the projects, please go to: http://www.powerclouds.com/index.php/projects/.
Mr. Fabio Galdi, Chief Executive Officer of WDAS, said, "We are delighted with the increasing, worldwide interest in Power Clouds and we also clearly welcome the positive impact of Power Clouds on our planet. Not only are we building a sustainable profitable business for WDAS and for the 38,000 people who have already participated in Power Clouds so far, we have also effectively planted the equivalent of 4 million trees and have avoided 170,000 tones of Carbon dioxide emissions at this critical time of climate change. We are the beginning of this exciting business and I personally look forward to announcing many more Power Clouds and other exciting technology projects we are currently exploring".
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.