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Third Bench Announces Corporate Update

Monday, January 10, 2022 8:45 AM

NEW YORK, NY / ACCESSWIRE / January 10, 2022 / New America Energy Corp. (OTC PINK:NECA), name to be changed to "Third Bench", an industry leader in Kitchen & Bathroom cabinetry and countertops.

Dear Valued Shareholders,

It's my pleasure to provide an update as well as address a few recurring questions I've received. First off, I am proud of our team for working so hard to get the consolidated financial statements filed. Those numbers do not reflect a full years' worth of revenue due to differing Year ends - but you will see in our next 10Q a full quarter of operations.

We are now shifting our focus to the pipeline of acquisitions we developed in 2021 and now look to execute in 2022. We believe that with the potential targets and organic growth, the Company can more than double its revenue this year and possibly much more. As we grow, we will have a strong focus on keeping costs down and increasing our gross profit margins. This year will be focused on growing shareholders value.

Over the last few months, I have received recurring questions from several shareholders which I have addressed in the outline below.

When do we plan on uplisting? We plan to uplist to the NASDAQ within the next 24 months.

How do we plan to meet the price requirements to uplist? It depends on where the price is at the time we prepare to uplist, 24 months is a long time, during which we will focus on keeping costs down and on our pipeline of acquisitions. We'll evaluate where we're at when the time comes.

When do we plan on changing our name to Third Bench? We plan to complete a name change within the next 30-60 days.

Are we going to completely update the Company Profile on the OTC Markets page? (Still says Shell company and has 2 employees what are the number of employees? We have completed paperwork to make changes to the OTC profile and we are waiting for the profile to be updated.

How are you reducing expenses? We have completed several initiatives to drastically reduce expenses. Below are some of example of reductions in key annual expenses:

Reduction in excessive management employees reduced labor cost by ~$500,000

Normalization of PTO/Holiday reduces expenses by ~$200,000

Health Insurance adjustments reduced expenses by ~$250,000

What are you doing to create shareholder value? We continue to reduce expenses through the centralization of key operations and leveraging the size of our organization as we grow operations. We also maintain a pipeline of targets that would be very synergistic, and we believe we can complete at least two targets in 2022.

Please address the new authorized share count. As discussed in our 8-K in July 2021, it is our intention to raise additional funds to support the acquisition of additional synergistic target and supply working capital for the business, all of which will ultimately increase value for all shareholders. Given our current pipeline of business and acquisition target we believe achieving $50M in revenue in 2022 is a conversative estimate.

About Third Bench Holdings, LLC

THIRD BENCH Holdings is a holding company for five subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies, offers products in several 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 160 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.

NECA Contact:
Investor Relations
[email protected]


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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