LOS ANGELES, May 28, 2004 (PRIMEZONE) -- World Associates, Inc. (OTCBB: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.
Safe Harbor Notice:
This document contains "forward-looking statements" as provided in the Securities Act of 1933 and the Securities Exchange Act of 1934. World Associates believes that the expectations reflected in such statements are reasonable, but no assurances can be given that they will prove correct. World Associates remains exposed to risk factors that include: economic conditions; the availability of sufficient financing to commence an overall development plan; the availability of qualified personnel; regulatory requirements; competition; time critical deadlines; title issues; liability claims; the inability to get entitlements; poor conditions for selling the company's stock, and others. Statements made herein are not a guarantee of future corporate or stock performance. All information is believed to be reliable, but cannot be guaranteed. This release is not a solicitation to buy or sell securities. Always consult with a registered investment professional prior to investing.