|By Business Wire||
|June 12, 2014 07:04 PM EDT||
World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it is set to book an additional $1,000,000 to WDAS Q2’14 revenues arising from the license set-up fee from World Global Networks Pte Ltd as it plans to bring its successful business model to North America later this year. World Global Networks Pte Ltd is a sister company of WDAS through common ownership by Mr. Fabio Galdi, WDAS’s Chairman and CEO who controls both companies.
Under the planned agreement, Global Mobile Network Inc., based in New York will market and sell the technologies and trade names owned by WDAS in the United States under standard WDAS license terms with no special pricing. Under the new agreement, Global Mobile Network Inc will pay an initial cash fee of $1,000,000 on signing. In addition to the signing fee, WDAS will receive ongoing recurring revenues on a revenue share basis as Global Mobile Networks Inc. grows its business in this new market.
This licensing agreement will be formally signed at a meeting in World Global Network’s UK offices at the Royal Exchange, London, England later this month.
Mr Fabio Galdi, Chief Executive Officer of WDAS says, “I am delighted that we are finally getting the opportunity to bring our proven business model to the US. We already have a highly experienced team in place and ready to grow the business. We look forward to releasing further details after our meeting in London on the 25th June.”
About World Assurance Group
World Assurance Group, Inc. is a holding company operating through three wholly owned subsidiaries. WOR(l)D Global Group Inc., based in Miami, Florida is the group’s research center. World Global Assets is an intellectual property licensing company based in Singapore. CellAd, Dublin, Ireland, operates in the global mobile advertising industry. Its revolutionary, cloud based advertising platform delivers full screen advertisements every time a subscriber receives an inbound call or text message in return for a rewards.
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.
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