|By Business Wire||
|July 14, 2014 10:45 AM EDT||
World Assurance Group, Inc. (www.worldassurancegroup.com) (OTC Pink:WDAS) today announces that it has signed a license agreement for its breakthrough wearable technology products and the “SPACE” brand with World Global Network (WGN) for US$2 Million and ongoing revenues per unit sold.
Following successful discussions with WDAS’ sister company, WGN and other partners, WDAS signed the SPACE Computer license for use of the SPACE technology and brand, at the opening of World Global Network’s new Global Headquarters in Singapore, July 4-6th, 2014.
The WDAS license is for US$2,000,000, which will be booked in Q3’14 revenues and an additional US$25 per SPACE Computer unit for the basic version. WGN will start to take pre-orders for the first 5,000 units from selected customers and it will be possible to test the SPACE Computer at the WGN event in Dubai at the end of this year.
Mr Fabio Galdi, Chief Executive Officer of WDAS says, “Despite all of the talk and hype in the marketplace, none of the leading players have actually launched a product that utilizes the capability of today’s technology and fully delivers on user requirements in a meaningful way.
We have always been passionate about this technology. We have in-house expertise in renewables, cellular, miniaturization, Personal Computers, Notebooks and Tablets. With our ongoing effort in this area and our long and proven history in rapid development, product launch and commercialization of innovative products worldwide, we believe our new wearable technology products will truly revolutionize the concepts of Personal Computer, Notebook and Tablets as we know today.
We will launch our first product later this year during the International Convention held by World Global Network, where over 5000 distributors from all around the world will attend.
We understand the true magnitude of this opportunity and we look forward to bringing our truly revolutionary, innovative, exclusive and unique wearable technology products to this new emerging market and challenge Google, Epson, Sony and the other significant players”.
About World Assurance Group
World Assurance Group, Inc. (WDAS) 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 (www.cellad.com), based in Dublin, Ireland, operates in the global mobile advertising industry and has developed a revolutionary new cloud based advertising platform and AdKoin app,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.