North Coast is a two-year-old U.A.E. licensed company engaged in the construction of residential and industrial projects. The company also owns property that is being developed internally into middle market residential villas and apartments targeted at the local rental market. North Coast has in-house engineering staff and is licensed to operate anywhere in the U.A.E. Intelspec has been negotiating with North Coast to act as project manager for two of its residential projects in Ras Al Khaimah, U.A.E.
“This agreement is a very good fit for us,” said Tom Morgan, Intelspec’s CEO, as “we need an LLC construction license in the U.A.E. which is very difficult to obtain under new regulations. We can use their in-house engineers to assist us with other projects we have under way and like the target market positioning of the residential projects North Coast has in development. North Coast’s business will benefit from our overall project management expertise that will better position it to bid for larger projects. On completion we expect this transaction to boost our balance sheet in advance of public quotation.”
WWA Group holds a 32% equity position in Intelspec that is to be registered on Form S-1 as soon as is reasonably practicable.
Intelspec maintains its corporate web site at www.intelspec.com.
About Intelspec:
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, 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, the construction of buildings in the Jebel Ali FZE, Dubai, United Arab Emirates and the design and build of a U.S. Navy training facility in Lup Buri, Thailand.
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.
Forward-Looking Statements:
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
info@ironauctions.com
www.wwagroup.com
or
Intelspec
International, Inc.
Thomas Morgan, + 1 801 488 2006
trmorgan@intelspec.com
www.intelspec.com