Press Release
Date of Release:
February 7, 2006
World Associates,
Inc. - Wrapping Up 2005
LOS ANGELES, CA (PR
Newswire) February 7, 2006:World
Associates, Inc. (“World”, PINK
SHEETS: WAIV) 2005 was a defining year for World Associates, Inc. The following information
provides some highlights.
During 2005 Superior Real Estate,
Inc., the Company’s wholly owned subsidiary,
sold the homes it built as part of its Infill Program. There were six model
homes and another property for which approvals were obtained to build 96 multifamily
units. The total income realized by these sales was approximately $3,400,000. After
paying sales expenses, investor profit sharing and other costs, the Company realized
a modest profit that will be more clearly defined when the financial statements for
the year are complete.
During 2005 the Company settled
more than $615,845 in obligations against the Company and some stock was returned
to the treasury. That includes $450,000
in back salaries that had accrued over more than a two-year period that were converted
into restricted stock by the Company’s CEO, Randall Prouty and the President
of Superior, LeRoy West. This is stock controlled by insiders who have no plans
to sell that stock at this time. It also includes a further settlement with
Robert O’Leary. O’Leary was paid $15,845 to reimburse expenses;
the Company transferred a residential lot with a basis of approximately $20,000 to
satisfy a note to O’Leary for $150,000; and, O’Leary returned 928,000
shares of common stock to the Company that will be sent to the Company’s transfer
agent to be cancelled.
The Company completed an SEC
review of its past filings in the last quarter of 2005. Information about this process and the results were disclosed in 8-K
filings made on November 1, 2005. Although the Company is currently focused
on business development efforts, the Company does intend to make up its filings and
regain its reporting status in due course.
World Associates, Inc. has
plans to create a land fund to significantly expand its land development business. The Company took a significant step toward that
goal recently when it put more than 4,743 acres of land in northern New Mexico under
contract. A closing is not certain until the due diligence is complete and
the Company finalizes its financing. This purchase would be a big step toward realizing
the plans for a land fund based upon sustainable development practices. More
information will be released on this and other of the Company’s activities
shortly.
For more information:
http://www.worldassoc.com/
info@worldassoc.com
