NEW YORK, April 22, 2015 /PRNewswire/ -- World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces FINRA approval of the Company's corporate action request changing its name to Power Clouds Inc. FINRA also approved a change of its ticker symbol to "PWCL" with an anticipated effective date at the open of the market on April 24, 2015.
"We are very excited that now both our name and our ticker symbol reflect the solar power and green energy focus of the business from now on. We feel that changing the name and symbol following the acquisition of the three Power Cloud operating companies in March, sends a clear message to the markets and customers alike that we are now a successful plant development and power generation company. Being a public company brings more funding options to the business in addition to the innovative model we have used to build the plants so far," said the Company's CEO & President, Roberto Forlani.
Mr. Fabio Galdi, Company Chairman, stated, "This is another key step in our transition to the Power Clouds business. With hard assets expected to exceed $15 million following the purchase of fully operational, revenue producing, power plants in Romania and Japan, Power Clouds is now well positioned to exploit additional projects already identified. We constantly examine our options to increase shareholder value and will continue to explore all available options, which may include a spin out of Cellad and World Media & Technology Inc. at a suitable time in the future."
Mr. Forlani concluded, "In order to maintain continuity and to aid in a smooth transition for the investment community from the ticker symbol "WDAS" to "PCWL," the Company will summarize Power Cloud's accomplishments to date in a press release to be distributed on Friday, April 24, 2015 under the "PCWL" ticker symbol."
About Power Clouds Inc.
Power Clouds develops renewable and sustainable energy projects worldwide and engages in planning, creating and managing photovoltaic plants all over the world. It identifies optimal locations for its solar plants and then supports these projects with the coordination of business development activities and the strategic resources of engineers, suppliers, skilled builders and partner companies. With operational plants in Romania and activities in Japan and other worldwide locations, the company has a core team of experts and project managers operating at international level, who have specific expertise in photovoltaics, the green economy and who have a proven ability to deliver the highest technical and cutting-edge solutions. For further information about how the Power Clouds model works, see www.PowerClouds.com
The Company also currently operates three additional and wholly owned subsidiaries: Cellad Inc., a digital media company based in Ireland operating in the global mobile advertising industry; World Global Assets Pte Ltd (WGA) based in Singapore and which owns the Wor(l)d Global Network Pte Ltd brands, trademarks and technology; and World Media and Technologies Inc. ("WRMT"), an OTC listed company operating in the wearable technology and communications arena. Additional information on these companies may be found at www.worldassurancegroup.com, www.worldmediatech.com and www.cellad.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.