Press
Release
Date of Release:
May 21, 2002
WORLD ASSOCIATES
$7.5 MILLION IN REAL ESTATE ASSETS
World Associates,
Inc. (OTC: WAIV, the Company) executed a binding agreement to acquire
the majority interest (not less than 80%) in Superior Development,
Inc., a Southern California real estate firm (Superior) located in
Anaheim, on May 20, 2002. The Agreement follows a due diligence period
during which the principal real estate assets of Superior were appraised
and the books and records of Superior were prepared for an audit.
Superior’s day-to-day
operations will continue to be run by Howard Palmer, Chairman of Superior
and Robert O’Leary, a Director and Secretary. Both are individuals
with extensive real estate backgrounds. Howard Palmer commented, “We
intend to concentrate on the basics. We will build on what we already
own, including a site called Miracle Lake, a 525 unit luxury Recreational
Vehicle park off of I-40 in the Lancaster/Rosamond area of California.
That development will feature a fourteen-acre lake with water supplied
from a source under the site. That water represents a hidden asset
that Superior is appraising. We will also be developing a 177 unit
home tract in the same area called Heritage Gardens.” Mr. Palmer
added that Superior would continue to add selected properties to its
portfolio in areas where Superior intends to concentrate. Other projects
are already in the pipeline.
Randall Prouty, President
of World Associates, Inc. stated that, “we intend to combine
access to the capital markets, the strength of real estate and a competency
with internet technologies to innovate new methods for delivering,
marketing and multiplying the value of real estate assets. This first
step brings the Company an asset base in excess of seven million ($7,000,000)
dollars to build on. In time, we intend to explore innovative methods
for marketing and otherwise increasing the value of the Company’s
real estate assets. Our first task is to build a strong foundation
to foster growth and stability.”
The Company plans
to file a Form 8-K with further details about the May 20, 2002 Agreement
and the property that Superior owns shortly. More details about Superior
can be found on the Company web site located at:
http://www.worldassoc.com/superior/index.html.
World Associates,
Inc. seeks to combine thoughtful access to capital markets, the inherent
strength of real estate and a competency with Internet technology
to innovate methods for delivering, marketing and multiplying the
value of real estate assets. World Associates, Inc. is a fully reporting
public company whose filings can be found on the SEC Edgar System,
the Company web site or at other locations.
Contact:
Randall Prouty
702-914-6092
info@worldassoc.com
This release contains
"forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Act of 1934. Although the Company believes that the
expectations reflected in such statements are reasonable, no assurances
can be given that they will prove correct. The Company remains exposed
to risk factors that include the availability of financing, the need
to employ and retain qualified personnel, market competition, the
risk of legal complications, exposure to liability risks or the inability
to meet critical deadlines, among others. Statements made herein are
not a guarantee of future corporate or stock performance. The Company
does not update or revise its forward-looking statements even if it
becomes clear projected results (expressed or implied) will not be
realized.
