New America Energy Corp. Officially Acquires Third Bench

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) has officially acquired Third Bench Holdings, a prominent player in the kitchen and bathroom cabinetry market. This acquisition is projected to generate approximately $24 million in gross revenue for NECA in 2021. Third Bench specializes in architectural millwork and has reported revenues exceeding $18.8 million in 2020. The acquisition aligns with NECA's strategy to enhance cash flow through well-managed, established businesses.

Positive

• Acquisition is expected to add $24 million in revenue for 2021.
• Third Bench Holdings has a proven track record with over $18.8 million in 2020 revenue.
• Cash flow positive status and strong management team at Third Bench.

Negative

• None.

Looks to Gain $24 Million in 2021 Gross Revenue

NEW YORK, NY / ACCESSWIRE / July 21, 2021 / New America Energy Corp. (OTC PINK:NECA) officially acquires Third Bench Holdings, an industry leader in Kitchen & Bathroom cabinetry and countertops. The closing with Third Bench is expected to bring an estimated $24million in revenue to NECA in 2021.

Third Bench has a particular emphasis on well run, long-standing, regionally dominant businesses owning a multi-year, established, defensive leadership position in a regional market. Alongside management, Third Bench fuels and implements transformative changes to drive rapid growth and sustainable value creation for customers.

The management team and operating brands represent decades of experience with an operationally oriented partnership that manages North America-based architectural millwork, cabinets, countertops, and, generally, permanent "housing-infrastructure" brands.

"I'm so excited to complete this acquisition and deliver on my promise to seek cash flow companies with strong management. Third Bench and their team are exactly what NECA was seeking. The immediate value this adds for our shareholders is incredible. The team at Third Bench has done an amazing job building such a successful company, and I look forward to them executing their acquisition strategy and building more and more value for the Company," said Jeff Canouse, CEO of New America Energy Corp.

David Fair, CEO of Third Bench Holdings, states “We are very excited about taking this next step of becoming a public company. Third Bench is well-positioned to take advantage of the growth in commercial millwork and the historical demand for cabinets and countertops in the residential sector. We look forward to tapping into the public markets to fuel our expansion and long-term strategy.”

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
https://thirdbench.com/

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:
Jeffrey M. Canouse
770-235-6053
jeff@necaholdings.com
jeffcanouse@gmail.com
https:/twitter.com/necaholdings

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.

View source version on accesswire.com:
https://www.accesswire.com/656395/New-America-Energy-Corp-Officially-Acquires-Third-Bench

FAQ

What is the impact of NECA's acquisition of Third Bench Holdings?

The acquisition is projected to bring in $24 million in revenue for NECA in 2021.

What are Third Bench Holdings' revenue figures for 2020?

Third Bench Holdings reported revenues exceeding $18.8 million in 2020.

Is Third Bench Holdings cash flow positive?

Yes, Third Bench Holdings is cash flow positive, which is beneficial for NECA.

How does this acquisition align with NECA's business strategy?

This acquisition supports NECA's strategy of acquiring cash-flow positive companies with solid management and established market positions.