Message #13 From:
Stock News Bot Date: July 19, 2006 05:05:00 AM
WWAG News WWA Group Reports That Record International Gross Auction Sales Exceed Initial Projections; Generates Gross Sales of $37.4 Million in Month of June
DUBAI, United Arab Emirates--(BUSINESS WIRE)--July 19, 2006--WWA Group Inc. (OTCBB:WWAG), one of the world's largest auctioneers of transportation and industrial equipment, announced today that for the month of June 2006, WWA Group recorded its highest international gross auction sales in any one-month period since 2000. Combined gross auction sales for the month reached a new record of $37.4 million, surpassing WWA Group's previously announced expectations of $34 million.
During the month of June, WWA Group conducted five successful auctions in Qatar, Dubai, Holland, Indonesia and Australia. Of the $37.4 million gross auction sales, WWA Group's BIDLive online bidding system contributed $997,450 and video auction sales, which were held in Dubai only, generated $235,700. Collectively, WWA Group's five auctions sold 3,005 items with 1,031 registered bidders, drawing 333 consignors from 20 countries.
"We anticipated that June would be a very strong month in terms of performance and year-over-year growth, and are excited to report that our gross auction monthly sales surpassed our initial expectations," commented WWA Group CEO Eric Montandon. "June marked a significant new milestone for us with the conclusion of our first auction in Qatar, one of the world's fastest-growing, cash-rich developing economies in terms of international tourism and business development. We believe that Qatar's proximity to our established infrastructure in Dubai provides us with advantages in cost efficiencies and economies of scale that will enable us to continue to serve the equipment market in Qatar on a profitable basis."
Montandon concluded, "Other highlights of the month include generating positive cash flow and recognizing income from our Australian franchise, and generating sales from our high-margin services including online bidding and video auctions. Our business strategy continues to diversify into new areas of geographic expansion and services to create strong quarterly growth. We look forward to reporting our second quarter financial results as soon as that information becomes available."
Actual sale prices for all items sold at all auctions are published for members at www.ironauctions.com. Member registration to the site is free 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.
About WWA Group
WWA Group Inc., through its wholly owned subsidiary World Wide Auctioneers Ltd. (WAA), is one of the world's largest auctioneers of transportation and industrial equipment. WWA Group's operations are focused on high-growth, underserved regions outside of North America that are transforming into luxury tourism and international economic centers. Since its inception in 2001, WWA has auctioned more than $380 million worth of vehicles and equipment from its Dubai facilities. WWA also manages unreserved auctions in the Netherlands, Indonesia, China and Australia through its joint venture partners. More than $200 million has been auctioned at these associated franchise facilities since WWA's inception. WWA is further distinguished as the largest seller of second-hand construction equipment in the Arab Gulf Cooperation Council (GCC) countries -- Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. Auctions are conducted on location and through the WWA BIDLive online bidding system.
WWA is now beginning the execution of its expanded operations plan to leverage its dominant equipment auction and trading base into a diversified business including activities in the Gulf region that are related to heavy equipment. For more information, visit http://www.wwagroup.com. For recent news and quotes, visit Yahoo! Finance at http://finance.yahoo.com/q?s=wwag.ob. To sign up to receive e-mail alerts with the latest news on WWA Group, go to: http://otcfn.com/wwag/email_update.html.
A number of statements contained in this press release may be considered to be forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including market acceptance of services provided, competitive market conditions, governmental regulation, and auction results. 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-KSB and Form 10-QSB. WWA Group's public filings may be viewed at www.sec.gov.
