Press Release
Date of Release:
May 28, 2004
World Associates
Releases First Quarter Results
LOS ANGELES, CA May 28, 2004
– World Associates, Inc. (OTC BB: WAIV) filed Form 10-QSB with the Securities
and Exchange Commission for the period ending March 31, 2004. The Company is pleased
to report a significant gain totaling $4,970,000 during the first quarter of 2004.
The gain was the result of a one-time settlement that provided for certain preferred
stock valued at $7,400,000 to be cancelled, among other things. It does not reflect
income from operations.
In other company
business, Superior Real Estate, Inc., (“Superior”, a wholly-owned
subsidiary of the Company) announced that the first Infill home located in Beaumont,
CA is complete. There are several other homes already in the pipeline and there
have been multiple offers. The first is listed for $315,000, in keeping with the
Company’s aim of providing affordable housing in the California real estate
market.
On the land development
front, Superior owns a property located in Yucca Valley, CA that will be sold
when a tract map is complete. It is currently listed for $1,300,000 and consists
of 8.88 acres that are being approved for 96 multi-family units. There have already
been multiple offers on this property. The market for fully approved land in California
remains strong.
The Company also announced
the following management changes: LeRoy West will replace Robert O’Leary
as President of the Company’s wholly owned subsidiary, Superior Real Estate,
Inc. He will also assume responsibility for the day-to-day development operations.
Another change was made when the Board of Directors reluctantly accepted the resignation
of long-time Member, Stephen Danner, C.P.A. Mr. Danner’s firm of Kane, Hoffman
and Danner was recently purchased by the accounting firm of Mahoney, Cohen and
Company. Mahoney, Cohen and Company has a policy that precludes its partners from
serving as a Board Member of any public company, and their acquisition of his
firm required him to step down as Director. Mr. Danner remains a shareholder and
investor of World Associates, Inc.
The Company has relocated
its corporate headquarters in Las Vegas to: 3914 Seaton Place, Las Vegas, NV 89121.
The Company’s wholly owned subsidiary, Superior Real Estate, Inc. has also
relocated to a larger facility. Its new address is: 28310 Roadside Drive, Suite
120, Agoura Hills, CA 91301.
World Associates,
Inc. through its wholly owned subsidiary, Superior Real Estate, Inc. is focused
on two primary real estate market segments in California; factory built housing
and land development.
For more information
about World Associates and Superior Real Estate:
http://www.worldassoc.com/
info@worldassoc.com
