IA Global, Inc. (OTCQB: IAGI.QB) (the “
”) announced today that it has changed its name to
Asura Development Group, Inc.
”). The company implemented the name change to reflect a fundamental shift in its business strategy from a global services and technology company to a construction, development and clean technology company focused on rebuilding infrastructure in Japan following unprecedented natural disasters that have occurred there. The company believes its new name, Asura Development Group, Inc., better represents the nature of its current core business, namely, home construction and design. Asura’s construction business, led by its subsidiaries Zest Corporation Co Ltd and Zest Home Co Ltd (“
”), will allow Asura to leverage its construction business into clean technology business by integrating solar PV into Zest’s home development projects.
Asura has embarked on an aggressive “saisei” or “rebirth” strategy and has refocused its business on construction and clean technology in the aftermath of the Tohoku earthquake, tsunami and Fukushima Daiichi nuclear disaster of 2011. As a result, experts expect Japan’s dependency on nuclear energy to be phased out by the 2030s. The government of Japan is accelerating the transition from nuclear power to alternative and clean energy in the form of sovereign guarantees over the next 20 years. On July 1, 2012, a new Feed-in Tariff (FiT) program became effective, which guarantees a subsidy of 42 yen (55 cents) per kilowatt hour for solar energy installations or more than four times the former rate of 10 yen (13 cents) per kilowatt hour. These incentives are expected to increase the renewable energy market in Japan from the current $12.7B per year to over $100B per year by the end of the decade and allow Japan to overtake Spain and Italy to become the world’s second largest market for solar PV. Asura intends on addressing both the home solar PV business, which represents 80% of the solar power generated in Japan, along with commercial mega-solar projects, which the company plans to address through a merger and acquisition strategy.