Business
New America Energy Announces Letter of Intent to Acquire Title Loan Company
New America Energy Announces Letter of Intent to Acquire Title Loan Company.
About this update from Third Bench Inc.
[{"type":"text","content":"\n\n ATLANTA, Feb. 24, 2016 (GLOBE NEWSWIRE) -- New America Energy Corp. (OTC:NECA), through its wholly-owned subsidiary Title King, LLC, announces that the company has entered into a Letter of Intent to acquire an operational Title Loan company in North Georgia (Target).\n The target acquisition has three separate locations that have been in business for nearly five years, has an established customer base and performing loans. In addition to the three title loan locations, New America will also be acquiring the Target’s auto dealership license, and the existing inventory of vehicles currently held.  The Target is also licensed for traditional pawn, which the Company expects to continue on a limited basis. With the execution of the Letter of Intent, NECA will now begin its due diligence process of verifying the quality of the loans and the underlying assets of those loans, confirming that all licenses are in good standing, establishing the valuation of the vehicles in inventory, and any and all other necessary steps.  The Company expects to finalize definitive agreements within sixty days. Jeffrey Canouse, CEO of New America, commented, \"We are very excited to announce our letter of intent to acquire these three locations, their loans, the Auto dealership license and the current vehicle inventory.  As I mentioned in my interview last week, the Company has shifted its strategy towards acquiring existing locations in a very fragmented industry. This acquisition is our first step in executing our roll-up strategy, which will quickly help bring our company into revenue and cash flow generation through the current operations of these stores. We will begin our due diligence immediately and I look forward to updating our shareholders throughout this process.” As of February 23, 2016, the Company has approximately 750 million common shares issued and outstanding, and is listed Current on OTC Markets. About New America Energy Corp Based in Atlanta GA, through its title loan subsidiary, Title King, LLC, provides short-term high interest loans to consumers through the collateral use of car and truck titles. The Company operates in the alternative financial services industry, providing automobile title loans to consumers who own their vehicle free and clear and need convenient and simple access to funds. Other pr...