Intelspec to Acquire WWA Group's Power Track
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DUBAI, United Arab Emirates--(Business Wire)--
WWA Group, Inc. (OTCBB: WWAG) ("WWA Group") today announced that
Power Track Projects FZE ("Power Track") is to be acquired by
Intelspec International, Inc. ("Intelspec"). The intended transaction
is part of a larger plan to expand Power Track into a full service
construction management company focused on projects in the Middle
East, Asia and Oceania. The acquisition will occur pursuant to an
agreement between Intelspec, Marena Industries Ltd. ("Marena," Power
Track's parent company), and the shareholders of Marena.
The transaction is expected to close on or before September 30,
2008, at which time Intelspec will issue 14,000,000 shares to the
shareholders of Marena, each according to their proportionate interest
in the company, in exchange for their ownership of Power Track. WWA
Group has been involved with Power Track since December of 2006 and
owns approximately 37% of Marena.
Power Track is a United Arab Emirates free zone licensed equipment
and project management enterprise that currently operates a local
government awarded limestone removal project in Ras Al Khaimah, U.A.E.
Other projects being negotiated or under contract include management
of the construction of a 50,000 sq. foot office/warehouse complex in
the Jebel Ali Free Zone in Dubai, U.A.E., management of the
construction of a portable cabin resort on the Okuma U.S. Marine Base
in Okinawa, Japan, and the removal of 10,000 tons of scrap metal from
the U.S. Air Force Base on the Pacific island of Diego Garcia.
Intelspec's corporate office is in the United States but its
business focus is on international project management, intent on
servicing an underserved niche market in specialized projects and
subcontracts in the $1 million to $10 million range. Generally, these
are projects that are too small to attract the attention of
multinational firms, but which still require world class expertise.
Managed by engineers with extensive experience in construction,
disposal, environmental remediation, telecommunications, and technical
project management, Intelspec intends to pursue project management
opportunities in oil and gas infrastructure and support activities,
permanent and temporary forward base camp installation and
communications, construction endeavors, debris disposal and
reclamation, earthmoving and mining operations. Intelspec will seek
quotation on the U.S. OTC market in early 2009 and intends to explore
opportunities to list on non-U.S. exchanges such as the DIFX in Dubai,
U.A.E.
"We are optimistic about the exchange of our equity interest in
Power Track for shares in Intelspec," commented WWA Group CEO Eric
Montandon. "Power Track's earthmoving project in the U.A.E. is
expected to generate significant free cash flow after September of
2008, which will support the administration and expansion of
Intelspec's business plan. The demand for sophisticated project
management in this region is robust and growing. Intelspec's
management has the experience and the contacts to capitalize on this
demand. We expect this company to grow dramatically in its first years
and with it the value of our investment for WWA Group shareholders."
Intelspec maintains its corporate web site at www.intelspec.com.
About WWA Group:
WWA Group, together with its subsidiaries, engages in the trading
and auctioning of transportation and industrial equipment worldwide,
with a primary base of operations in Dubai, U.A.E. Auctioned items
include mobile and stationary earthmoving and construction equipment,
such as crawler tractors, excavators, wheel loaders, cranes, trucks
and trailers, generators, compressors, agricultural tractors, and
forklifts. WWA Group is the largest seller of used construction and
industrial equipment in the booming Gulf Region of the Middle East and
has expanded this dominate position to include related businesses in
shipping and mining.
WWA Group maintains its corporate web site at 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
our services, 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-K
and Form 10-Q. WWA Group's public filings may be viewed at
www.sec.gov.
WWA Group Inc.
Eric Montandon, 011 971 4 881 6142
eric@wwauctions.com
www.wwagroup.com
or
Intelspec International, Inc.
Thomas Morgan, 801 488 2006
trmorgan@intelspec.com
www.intelspec.com
Copyright Business Wire 2008
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