NEW YORK, NY / ACCESSWIRE / August 18, 2022 / New America Energy Corp. (OTC PINK:NECA), and it's operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), is pleased to report that the Ceilings Division of the Company's subsidiary OGB Architectural Millwork ("OGB") has already shattered all previous annual sales records.
By way of background, OGB first started selling Architectural Wood Ceilings in 2019 as an add on product in certain situations. Total sales in 2019 were about $100k, growing to about $425k in 2020. This link below shows a very good visual of our capabilities with Architectural Wood Ceilings. Ceiling Experts: Oakley Project
In 2021, OGB first approached the Ceilings Division seriously and appointed Douglas Harrison as Product/Project Manager of the Ceilings Division. Douglas jumped in and has done a great job of accelerating the growth. In 2021 the Ceilings Division had revenue of about $825k.
Earlier in 2022, the Company promoted Douglas with a new title of Ceiling Division Manager. David Fair, CEO of the Company states, "We have been so impressed with Douglas' work ethic and energy that he brings to the Ceilings Division. We have also been able to leverage a lot of our contacts with General Contractors from our traditional OGB business, which has been terrific."
Adding an additional $400,000 in sales just last week, the Ceilings Division has already booked sales of $2 million for 2022.
Mr. Fair continued, "Every now and again you get lucky. You have the right capabilities and find that niche market in which you can really excel. We are overqualified for ceilings, and thusly have an advantage. Our products are fabricated with superior components, we grant a pricing advantage to our customers, and our manufacturing turnaround time is faster than the competition. If we continue to operate on this 3-fold philosophy I see no reason that we can't continue - and accelerate - our rate of growth in the Ceilings Division of OGB".
The Company is striving to achieve revenue of $3.5 million for 2023 and $5 million for 2024 in the Ceilings Division. These numbers would still only represent a small fraction of the overall market size for these types of ceilings, so this is an area where the Company has room to grow.
About Third Bench Holdings, LLC
Third Bench, subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen and bath areas. Third Bench, through its subsidiary companies, offers products in these 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 130 people and had revenue of about $24 million in 2021. These projections have been provided by management and do not include the additional acquisitions that are currently under review.
Third Bench Holdings, LLC
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/
NECA Contact:
Investor Relations
info@thirdbench.com
https:/twitter.com/necaholdings
Safe Harbor
This release may contain certain forward-looking statements regarding our prospective performance and strategies 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. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
SOURCE: New America Energy Corp.
View source version on accesswire.com:
https://www.accesswire.com/712602/Third-Bench-Drives-Sales-Growth-with-New-Products
