|By Business Wire||
|June 27, 2014 09:29 AM EDT||
World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink: WDAS) today announces that it has already commenced its stock repurchase program.
The repurchase program permits World Assurance Group, Inc. to repurchase up to 2,000,000 shares of its common stock as part of an overall capital restructuring, at such times and market price or prices as management may deem appropriate. This common share buyback program will be reviewed by the Company’s Board on at least a quarterly basis.
The Company commenced share repurchase on June 20th, 2014 and over the last week has purchased a total of 16,000 shares at an average price of $1.22 per share.
Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
Mr Fabio Galdi, Chief Executive Officer of WDAS says, “I am pleased with our restructuring to date. In addition to confirming to pay shareholders of record as of the end of this month their first dividend of 5 cent per share for Q2, we have already started to buy back shares, which brings us closer to achieving our corporate goals and improving value for our long term shareholders.”
About World Assurance Group
World Assurance Group, Inc. (WDAS) is a holding company operating through three wholly owned subsidiaries. World 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, based in Dublin, Ireland, operates in the global mobile advertising industry and has developed a revolutionary new cloud based advertising platform that delivers full screen advertisements every time a subscriber receives an inbound call or text message in return for a reward.
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.