WWA Group, Inc. (OTCBB: WWAG) (“WWA Group”) today announced that Intelspec International, Inc. (“Intelspec”) has signed a memorandum of understanding to acquire a controlling interest in North Coast Construction, LLC (“North Coast”) in a stock for stock exchange. The transaction is expected to close by August 1, 2009, subject to the execution of definitive documentation and requisite approvals.
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.”
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