WWA Group, Inc. (OTCBB: WWAG Stocks Forum) today announced the successful conclusion of the most recent auction held at WWA Group's new Dubai facility during the period December 10 to 12, 2007.
Gross auction sales exceeded US$17.4 million and involved more than 330 registered bidders from 32 countries. Equipment consigned by 145 consignors from 13 countries, comprised of 1,380 items, was sold to 198 successful bidders.
The December auction was the last of six major auctions held in Dubai during 2007. Combined 2007 results produced a record figure of over $135 million in gross auctions sales, an increase of 23%, when compared to nearly $110 million in gross auction sales from seven major auctions in 2006. The auctions in 2007 also attracted a record number of 1,300 successful bidders that purchased a record number of lots that included over 8,000 items.
WWA Group's wholly owned subsidiary in Dubai has held 35 major auctions in Dubai and Doha since 2001, along with another 13 smaller auctions that have recorded over $600 million in auction sales. WWA Group has also conducted auctions in Europe, China, Australia and Indonesia since 2001, where nearly $200 million worth of equipment was auctioned.
During 2007 WWA Group also acquired a minority interest in a limestone mining company in the UAE, refitted its RO vessel to take advantage of the improving market conditions expected over the next four years for the Gulf shipping industry, obtained over $5 million in working capital and letter of credit facilities from financial institutions, and expanded into a new larger auction facility in Dubai on a 20-year lease.
"During the last 12 months we have been successful in growing our core auction business, while at the same time expanding physically, organically and by acquisition," commented Eric Montandon, CEO of WWA Group. "We have increased our auction revenue, our own account trading profit, and net income every year since inception, and it appears that our 2007 results will continue this trend. Everything we have done in 2006 and 2007 has been focused on building infrastructure and positioning ourselves to grow as a diversified company. We have more space, assets, customers and support than ever before, and are now in a solid position to continue our growth in the auction business and in the other related businesses we have established.
"The UAE and other nearby Gulf countries are financing a diversified construction and in-migration boom that is only just beginning. The U.S., Japan and China are now scrambling to align themselves with major projects and presences in the Gulf, after three years of ignoring the emergence of this region as a major influence in the world economy. Our businesses are positioned to take advantage of the economic dynamics of the Gulf, while constantly evaluating other opportunities both within and without the region."
Actual sale prices for all items sold at our auctions are published for members at www.ironauctions.com. Member registration is free on the site, by clicking on "Auction Results." Lists of equipment for sale at upcoming WWA Group auctions are updated daily on the site. Anyone interested in consigning equipment to the auctions, or registering to bid, can e-mail info@ironauctions.com or call 011 971 4 881 6142.
WWA Group is a public company; its common shares trade on the OTCBB under the ticker symbol "WWAG.OB." The company maintains its corporate web site at www.wwagroup.com.
For further investor information, please contact Eric Montandon at 011 971 4 881 6142 or access our Web site at http://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 products and technologies, 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-KSB and Form 10-QSB. WWA Group’s public filings may be viewed at www.sec.gov.
WWA Group Inc.
Eric Montandon, 011 971 4 881 6142
info@ironauctions.com
http://www.wwagroup.com