NEW YORK, NY / ACCESSWIRE/ March 15, 2022 / New America Energy Corp. (OTC PINK:NECA), is pleased to announce that the Company, through its subsidiary Third Bench Holdings, LLC ("Third Bench"), has submitted a Letter of Intention to acquire a leading cabinetry manufacturer in Phoenix.
The target is a leader in the cabinetry manufacturing for the multi-family residential market in the Phoenix metro area. The Target generated about $7.7M of annual revenue in 2021 with approximately $1.5M of Net Income and we expect the Target to generate at least $10M in revenue in 2022. The Target would also provide Third Bench with the ability to cross-sell proprietary multifamily products throughout the rest of the established Third Bench markets.
Third Bench CEO David Fair states, "We are thrilled to add a line of residential cabinets to Third Bench and to add an operation in Phoenix, which is one of the highest growth markets in the country! This target would put Third Bench well over $30 Million in revenue and add to our already positive cashflow. Acquiring this Target will provide Third Bench with the ability to supply a proprietary line cabinet to our multi-family customers and will make us one of the largest suppliers of residential cabinetry in the Southwestern United States. We are hopeful that we can complete the execution of the LOI within the next couple of weeks."
Mr. Fair goes on to say "Today, almost 15% of the residential cabinetry sold by Third Bench is supplied to multi-family developments. Manufacturing our own line will allow us to be very price competitive and capture a larger margin when selling into the multi-family sector. In addition, we regularly pass on multi-family opportunities because we are unable to meet the supply and be price competitive. There are an extensive number of opportunities with this target!"
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 cashflow 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
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/692999/LOI-Submitted-for-Leading-Cabinetry-Manufacturer-Adding-Top-and-Bottom-Line-Numbers
