WWA Group, Inc. (OTCBB: WWAG - News) today announced the acquisition of a minority interest in an equipment and project management company operating a major limestone mining project in the United Arab Emirates.
On December 31, 2006, World Wide Auctioneers, Ltd. ("WWA"), a wholly owned subsidiary of WWA Group, Inc., acquired a 32.5% interest in Power Track Projects FZE in exchange for $1,500,000 and a secured non-interest bearing loan to Power Track, in an amount of up to $850,000, to be repaid within 180 days of closing.
Power Track is a licensed equipment and project management company that is currently managing a project for the government of Ras Al Khaimah, U.A.E., to excavate over 25 million tons of limestone through 2010. The process of removing the limestone is equipment intensive utilizing earthmoving and support equipment working with three crushing machines capable of producing over 10,000 tons of crushed aggregate per day. Limestone removed from the site is marketed regionally as processed aggregate, quarry run and armor stone. Power Track intends to expand operations to include washed sand and concrete batching in the near future.
"WWA plans to work closely with Power Track's management to ensure the successful completion of this enormous project," commented Eric Montandon, CEO of WWA Group. "We believe that the aggregate business will continue to grow with the constant expansion of major construction projects in the U.A.E. and the Gulf region. Like our recent entry into the shipping business, Power Track's equipment intensive business is a prudent fit with our core equipment trading business, operates in our target region, and is projected to be very profitable. WWA's investment in Power Track is timely and properly meets our declared criteria for expanding our business."
About WWA Group
WWA Group, Inc., through its wholly owned subsidiary World Wide Auctioneers, Ltd. (WAA), is one of the world's largest auctioneers of transportation and industrial equipment. WWA Group's operations are focused on high-growth, underserved regions outside of North America that are transforming into luxury tourism and international economic centers. Since its inception in 2001, WWA has auctioned over $500 million worth of vehicles and equipment from its Dubai facilities. WWA also manages unreserved auctions in Qatar, Indonesia and Australia through its joint venture partners. More than $300 million has been auctioned at these associated franchise facilities since WWA's inception. WWA is further distinguished as the largest seller of second-hand construction equipment in the Arab Gulf Cooperation Council (GCC) countries - Saudi Arabia, Kuwait, the U.A.E., Qatar, Bahrain and Oman. Auctions are conducted on location and through the WWA BIDLive online bidding system. WWA is now beginning the execution of its expanded operations plan to leverage its dominant equipment auction and trading base into a diversified business including activities in the Gulf region that are related to heavy equipment.
WWA Group is a public company; its common shares trade on the OTCBB under the ticker symbol "WWAG.OB."
For further investor information, please contact Eric Montandon at 011 971 4 881 6142 or access our Web site at http://www.wwagroup.com.
Forward-Looking Statements:
A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A(b). These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that WWA Group may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. WWA Group encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. WWA Group's public filings may be viewed at www.sec.gov.
Contact:
WWA Group Inc.
Eric Montandon, 011 971 4 881 6142
info@ironauctions.com
http://www.wwagroup.com
Source: WWA Group, Inc.
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