Business
New America Agrees to Standstill Agreement with Preferred Shareholders
New America Agrees to Standstill Agreement with Preferred Shareholders.
About this update from Third Bench Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / April 5, 2022 / New America Energy Corp. (OTC PINK:NECA), is pleased to announce that convertible preferred shareholders have agreed to a 90-day standstill agreement.The Series C preferred shareholders of New America Energy Corp. have agreed to a 90-day standstill on any conversions of their preferred shares. Third Bench, a subsidiary of NECA, hopes to increase shareholder value during this time as it seeks additional acquisitions that add assets, revenue, and cashflow.Third Bench, CEO David Fair stated, "Increasing value for all shareholders remains our top priority. We've been doing this through our acquisition strategy and felt the standstill would help in those efforts. I'm grateful to the preferred holders for agreeing to the standstill and we look forward to executing our plan throughout these 90 days."Mr. Fair went on to add, "Revenue continues to increase, and it will be reflected in our next quarterly financial statements. As of today, we have two LOIs submitted and we are digging into due diligence on acquisition targets in Utah, Arizona, and Texas, with the goal of completing at least two acquisitions during the calendar year 2022. We believe our strategy along with the strong economic trends will bring significant value to our shareholders."About Third Bench Holdings, LLCThird Bench Holdings, a subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen, and bath areas. Third Bench, through its subsidiary companies, offers products in these 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. Third Bench employs over 150 people and had revenue of about $24 million in 2021. Third Bench is on a run rate of $30.0 million for 2022 and is cashflow positive. These projections have been provided by management and do not include the additional acquisitions that are currently under review.Third Bench Holdings175 S. Main Street #1410Salt Lake City, UT 84111https://thirdbench.com/NECA Contact:Investor [email protected]://twitter.com/necaholdingsNOTICE REGARDING FORWARD-LOOKING STATEMENTSafe Harbor Statement u...