(PublicWire.com Press Release) — WWA Group, Inc. (OTCBB: WWAG) (“WWA Group”) announced that its unconsolidated subsidiary Intelspec International, Inc. (“Intelspec”) has executed an agreement to be acquired by Infrastructure Developments Corp (“IDVC”).
On April 7, 2010, a share exchange agreement was executed by and among IDVC, Intelspec, and the shareholders of Intelspec holding a majority of its equity. The closing of the transaction is expected to take place, subject to the satisfaction of customary closing conditions, on or before April 18, 2010. On the closing date, IDVC will acquire up to 100% of the 16,272,490 outstanding shares of Intelspec from its shareholders in exchange for 14,000,000 shares of IDVC. Additionally, pursuant to the terms of the agreement, Raydor International Services Ltd., the principal shareholder of IDVC, has agreed to cancel 9,500,000 shares to incentivize Intelspec to enter into the transaction.
Post closing the shareholders of Intelspec will hold approximately 70% of the issued and outstanding shares of IDVC. Intelspec’s current directors Thomas R. Morgan and Shawn Teigen will be appointed to the board of directors of IDVC when the current directors resign on the closing date. A copy of the share exchange agreement has been filed on Form 8-K by IDVC and is available online at www.sec.gov.
Intelspec’s CEO, Thomas R. Morgan, stated, “our decision to be acquired by a public company was based on a desire to create a public valuation for Intelspec’s shareholders while obtaining access to prospective finance through public equity markets. We believe this agreement will allow Intelspec to pursue a larger and more diverse number of opportunities as well as open doors to new markets as a publically traded company.”
Eric Montandon, WWA Group’s CEO, stated that “we are pleased with Intelspec’s decision to take the necessary steps to become a public company, and look forward to being able to establish a tangible and realizable value for WWA Group’s investment in Intelspec.”
Intelspec maintains its corporate web site at www.intelspec.com.
Intelspec is focused on the management of specialized projects and subcontracts in the $1 million to $10 million range. Managed by engineers with extensive experience in construction, disposal, environmental remediation, telecommunications, security and technical project management, Intelspec seeks out 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. Current projects include management of a limestone removal project awarded by the local authorities in Ras Al Khaimah, United Arab Emirates and the construction and management of various projects for the US Military in Thailand and Cambodia.
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. Since 2001 WWA Group has realized more than $1 billion in gross auction sales from sites in the United Arab Emirates, Holland, China, Australia, and Qatar. 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 dominant position to include related businesses in shipping and project management.
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including the timely development and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing if required. The actual results 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
Intelspec International, Inc.
Thomas Morgan, 801-488-2006