New America Energy (OTCMKTS:NECA), a holding company focusing on acquisitions that are cash-flow positives on July 21, 2021, acquired Third Bench Holdings, industry leader in Kitchen & Bathroom cabinetry as well as countertops. This will bring an estimated $24million in revenue to the firm in the current year.
Third Bench focuses on long-standing and dominant businesses having established leadership positions and implements transformative changes for driving fast growth as well as sustainable value creation for customers. Both the brands and management team have many years of experience managing North America-based architectural millwork, cabinets, countertops as well as “housing-infrastructure” brands.
CEO of New America Energy Corp, Jeff Canouse, said that the acquisition will help the company deliver on promise of having firms with strong management and cash flows. Canouse added that the immediate value for shareholders is amazing and that Third Bench has done a great job in building a successful company.
David Fair, CEO of Third Bench Holdings said that this will facilitate next step to become a public company and take advantage of the growth in commercial millwork as well as meet demands for cabinets in residential sector.
NECA also announced signing of Letter of Intent for acquiring family entertainment center in South Carolina. The center has full arcade, bowling lanes, redemption counter, party rooms as well as full-service bar & restaurant. The firm is of the view that it will add to its cash flows.
With over 110 million people bowling every year in more than 150 countries, it is the largest participatory sport in the world and is a place for social gathering and group activity.
Market Reaction:
On Wednesday, NECA stock gained 4.35% at $0.0024 with more than 381.55 million shares, compared to its average volume of 115.87 million shares. The stock had moved within a range of $0.0021 – 0.0035 after opening the trade at $0.0028. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0120.
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