NEW YORK, NY / ACCESSWIRE / March 8, 2022 / New America Energy Corp. (OTC PINK CURRENT:NECA), name to be changed to "Third Bench", an industry leader in Kitchen & Bathroom cabinetry and countertops.
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, countertops, and related products. Third Bench is headquartered in Albuquerque, New Mexico, and services customers throughout the Southwestern United States.
Our strategy has been and continues to be 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.
Third Bench management would like to address the status of several topics and our progression towards our goals of 2022.
- $50 Million Revenue - Our current operations are expected to generate about $30M in revenue for 2022. We are still on track with our current pipeline of acquisitions to grow our operation to $50M+ of revenue in 2022. At that size, we will be a dominant cabinet supplier in the Southwestern United States and quickly become one of the top 100 largest operations in the industry.
- Financial Performance - Next quarter will be the first quarterly reporting which will represent full financial performance from all our operations. We have increased our prices again last quarter and made substantial reductions in expenses, which all have a lag time of several months to be realized. We anticipate a substantial increase in profitably and expense reductions to be fully realized by the end of the calendar year.
- New Potential Acquisitions Targets - The management team has been continuously engaged with a sizable pipeline of acquisition targets. Third Bench has engaged in several site visits to conduct the necessary due diligence prior to an acquisition. We expect to be in a position to submit an LOI before the end of Q2. The new target markets that have been explored are Phoenix, Dallas, Houston, Austin, Denver, and additional locations in New Mexico.
- Reg-A Offering - As of this date, Third Bench has not raised any capital, nor have we issued any shares from the offering. The offering is in place to support the growth of the Company's operations and to support synergistic acquisition targets.
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, offers 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. Third Bench employs over 150 people and had revenue of about $24 million in 2021. Third Bench is on a run rate of $30.0 million for 2022 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/
NECA Contact:
Investor Relations
770-235-6053
info@thirdbench.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.
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https://www.accesswire.com/691907/Third-Bench-CEO-Letter-to-Shareholders
