AUSTIN, Texas--(BUSINESS WIRE)--WWA Group, Inc. (OTCBB: WWAG) announced today that the Office of Foreign Assets Control (OFAC) has issued a Cautionary Letter instead of pursuing a civil penalty in connection with the company’s involvement in the provision of auction related services to individuals located in Iran and Sudan on or about June 1, 2003 to on or about June 19, 2006.
The Cautionary Letter represents OFAC’s final enforcement response to apparent violations by WWA Group but does not constitute a final agency determination as to whether a violation of either the Iranian Transactions Regulations, 31 C.F.R. part 560 or the Sudanese Sanctions Regulations, 31 C.F.R. part 538 actually occurred. Nothing in the Cautionary Letter precludes OFAC from seeking further action in the future should additional information warrant renewed attention.
“We are pleased by this development and look forward to re-invigorating WWA Group as a public company,” commented Eric Montandon, WWA Group CEO. “The prospect of a civil penalty has been a deterrent to investors, partners and acquisition candidates for nearly five years. New opportunities for the acquisition and development of existing businesses will now be our focus.”
For further investor information, please contact Eric Montandon or access our Website at www.wwagroup.com.
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 as 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.