NEW YORK, NY / ACCESSWIRE / August 17, 2021 / New America Energy Corp. (OTC PINK:NECA), CEO David Fair is pleased to address all shareholders on the progress, outlook and overall vision for the Company including name to be changed to "Third Bench", revenue growth by 2022, reviewing PCAOB firms for audits and uplisting to a larger exchange.
Third Bench was formed in 2019, with a goal of consolidating fragmented sectors of the construction industry to become a leading national provider of cabinetry and related products.
Since our initial strategic acquisition of an Albuquerque-based millwork, we have acquired two additional targets in the cabinetry sector with complementary countertops operations throughout the Southwestern United States.
Since the 2008 financial crisis, the United States has had a long-term delay in the new home and commercial construction. Our initial strategy was driven by economic indicators that key markets have been experiencing long-term historical lows of housing inventory. While the COVID-19 virus did have a short-term negative impact on our operations, the virus has exposed the nationwide housing inventory crisis which has spurred an unpreceded construction demand across markets where Third Bench operates, which includes Arizona, New Mexico, and Texas. All economic indicators support long-term demand in Third Bench markets for cabinetry, countertops, and millwork.
Our strategy is to acquire and grow complementary acquisitions with a specific focus on the residential sector in high-growth regions throughout the Southwestern and Southern United States. We believe that this industry is suitable for consolidation as many high-quality businesses have owners who are at retirement age with limited exit opportunities. We plan to make several additional acquisitions over the next several years.
We are currently pursuing several strong acquisitions targets that will be highly accretive to Third Bench and drastically increase our revenue. Each target we pursue provides us with an opportunity to reduce expenses by centralizing existing functions, cross-sell our products into a new market, and/or provides Third Bench with a new product to be sold into our existing sales channels.
We believe with our current pipeline of acquisition targets and the robust housing market that Third Bench can achieve revenues north of $50 million by 2022 and become the dominant cabinet supplier in the Southwestern United States.
As part of our long-term strategy, we believe that there is an opportunity to further leverage technology throughout all levels of the organization. From design to production, we see an opportunity to improve the efficiency of production, increase design accuracy, and enhance the customer experience. In an industry that has been slow to adopt technology, we believe that this strategy can set Third Bench apart from our competitors.
In addition, we have placed a priority on consolidating our accounting functions at the corporate level to ensure that we can generate regular financial reporting in the near future. We are currently reviewing accounting and auditing firms to prepare Third Bench to become fully reporting and complete a PCAOB audit with the intention of eventually uplisting to a larger exchange.
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.