WWA Group Exhibits at Big 5 Show in Dubai
DUBAI, United Arab Emirates--(BUSINESS WIRE)--WWA Group, Inc. (OTCBB: WWAG) today announced the exhibition of its services at the Big 5 Plant Machinery and Vehicle Exhibition in Dubai held from November 23 – 27, 2008 at the Dubai International Exhibition and Convention Centre. The Big 5 is the largest trade fair for the construction sector and associated suppliers in the Arabian Gulf and one of the world’s largest exhibitions of this type. The event hosted over 3,000 exhibitors and welcomed more than 50,000 visitors from around the world.
The Gulf News reported on November 24, 2008 that more than 250 major civil construction projects were up for tender at this year's Big 5 worth a combined value of around $120 billion ranging in value from $12 million to $13.6 billion. According to the research centre Proleads there are 135 projects in the United Arab Emirates and 60 projects in Saudi Arabia on offer.
“The Big 5 PMV show gives us chance to view the current trends in the equipment market locally and internationally,” commented WWA Group CEO Eric Montandon. “The show is attracting more attention than ever before, and is taken very seriously by equipment and construction companies. The Gulf project market is still strong in relation to most other areas of the world, and many businesses here are looking for a captive outlet in which to sell goods and services. The trade fair also offered us an opportunity to present the project management services offered by Intelspec International at an international forum filled with projects that require this expertise.”
Montandon added that he believed recent equipment auction results, combined with the continued demand for auction services, were his best indicators of current market conditions. “Equipment prices at our most recent auction in late October were in line with pricing at prior auctions in 2008, and we see robust interest in purchasing good quality equipment at our upcoming auction to be held from December 20 – 22.” He went on to say, “The last 3 months of world market turmoil has had an effect on equipment prices as there are more consignors selling excess inventory than 6 months ago. However, despite this increase in inventory, we continue to realize a good turnout of buyers in a region that has many large projects that are underway and yet to be completed.”
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.
About WWA Group:
WWA Group, Inc., 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. 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 its dominant position to include related businesses in shipping and mining.
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-K and Form 10-Q. WWA Group’s public filings may be viewed at www.sec.gov.
