NEW YORK, NY / ACCESSWIRE / August 2, 2021 / New America Energy Corp. (OTC PINK:NECA) through its recent acquisition announces that the Company has eliminated nearly One Million in variable Convertible Notes and other Liabilities.
“While we had to do what we could to access capital over the past few years to return to Current status and become an attractive vehicle for excellent Companies like Third Bench, I recognize the negative effect certain structures and terms have had on our stock. Eliminating nearly One Million in variable Convertible Notes is a major victory for our shareholders,” said Jeff Canouse, CEO of New America Energy Corp.
“As we move forward in building our Company through organic and acquisition growth, we expect to attract much more advantageous capital to assist our growth to the next level. Our team is very excited for what’s ahead for the rest of the year and 2022,” said David Fair, CEO of Third Bench Holdings
Mr. Fair went on to say, “I’ve spent the majority of my career in mergers and acquisitions, I’m confident we have access to traditional financing given the low leverage ratios of our transactions and very active post COVID credit markets. We plan on continuing this path for future acquisitions as well.”
About Third Bench Holdings, LLC
THIRD BENCH Holdings is a holding company for three subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies offer products in categories: Residential Cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. THIRD BENCH also provides installation services as a part of its vertical offering. The company provides its products and services through its architectural millwork and retail facilities, currently located in Albuquerque and Las Cruces, New Mexico and Tucson, Arizona. Third Bench employs over 140 people and had revenue in excess of $18.8 million in 2020. Third Bench is on a run rate of over $24.0 million for 2021 and is cash flow positive. These projections have been provided by management and do not include the additional acquisitions that are currently under review.
Third Bench Holdings
175 S. Main Street #1410
Salt Lake City, UT 84111
About New America Energy Corp.
New America Energy Corp. (NECA) is a holding company focused on strategic acquisitions that are opportunistic, cash-flow positive with hard assets.
NOTICE REGARDING FORWARD LOOKING STATEMENT
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words ‘believes,’ ‘expects,’ ‘anticipate’ or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
SOURCE: New America Energy Corp.
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