World Assurance Group, Inc. Reports $3.6 Million Operating Profit For Quarter Ending March 31, 2014
April 23, 2014 --
NEW YORK, April 23, 2014 /PRNewswire/ --World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has recently filed unaudited results for the three months ended March 31, 2014, via the OTC Markets Disclosure & News Service. Key results of the unaudited financials were:
- Revenues of $3.6 million for the quarter ending March 31, 2014 versus zero revenues for the same quarter in the previous year.
- EBITDA profit of $3,446,433 for the current quarter versus a loss of $44,201 for the same period the previous year.
- Net Profit for the quarter ending March 31, 2014 was $3,649,582 compared to a loss of $44,201 for the same period last year.
- Assets increased by $3.6 million, being the receivable due for the revenues. Full payment of the receivable was made in April 2014.
- Total Assets increased by $3.6 million and the Company reported a working capital surplus of $3.4 million.
Full details of the Company's Quarterly Report are accessible at http://www.otcmarkets.com/stock/WDAS/filings
Mr. Fabio Galdi, CEO of WDAS, said, "I am very pleased with our first quarter results for WDAS, especially as it is our first quarter within WDAS. This is a good start and provides us with a solid platform to build on going forward, as we bring new revenue streams and profits to the company not just from the current set of licenses but also from new and exciting emerging technologies. We plan to use the cash on hand to acquire additional technology and apply further research to our existing products. We are also exploring options with the current capital structure with a view to have it better reflect our belief that WDAS is currently undervalued, based on the business now and also to prepare for our aim of listing on a major US exchange as soon as possible."
About World Assurance Group
World Assurance Group, Inc. 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.
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