HNRC ANNOUNCES WDHI LISTING AND DIVIDEND UPDATE

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) has hired an attorney to file an SEC registration statement for its subsidiary, Worldwide Diversified Holdings, Inc. (WDHI), aiming for a public listing at $3.50 per share. HNRC shareholders will receive one WDHI share for every two HNRC shares held as of December 16, 2022, equating to a $1.75 stock dividend. The company also plans to up-list on a major exchange in 2023 with a $10 million underwriting commitment for expansion and operations. Expected revenue for 2022 is projected to exceed $18.2 million, a rise from $18.2 million in 2021 and $9.5 million in 2020.

Positive

• Anticipated up-listing on a major exchange in 2023 with a $10 million underwriting commitment.
• Projected increase in 2022 revenue exceeding $18.2 million, up from previous years.
• Issuance of WDHI shares as a dividend valued at $1.75 per HNRC share.

Negative

• None.

HOUSTON, Feb. 23, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") has hired an attorney to file an SEC registration statement on behalf of its subsidiary Worldwide Diversified Holdings, Inc ("WDHI") for a public listing. The anticipated target listing price will be $3.50 per share. The shares in the previously announced spin-off of the non-energy assets included in the dividend program will be registered for trading on the open market. With a target listing of $3.50 per share, each HNRC shareholder will be issued one WDHI common share for every two HNRC common shares that were shareholders of record  on December 16, 2022 equivalent to a $ 1.75 per HNRC common share stock dividend.

On December 5, 2022, HNRC filed the corporate action for review by FINRA to allow the company to issue the stock dividend of one WDHI shares for every two shares of HNRC held by the shareholder on the record date. FINRA has responded and HNRC has been consistently corresponding to complete this review process. The company will continue to keep its shareholders informed regarding this dividend event.

HNRC has hired an accounting advisory firm to assist HNRC with a two-year current audited statement which will allow for the company to apply for an up listing.

The company has also signed an agreement with an underwriting firm to complete an up listing for HNRC on to a major exchange in 2023. The $10 million dollar underwriting commitment for working capital to fund current operations, expansion and acquisitions.

HNRC expects to exceed their annual projections for the year ending 2022. The expected increase in 2022 revenue from $18,217,737 in 2021 and $9,523,634 in 2020.The expected increase in  earnings for year ended  in 2022 compared to $7,636,830 in 2021 and $2,973,320 in 2020.

The company intends to focus on realizing the value on the total of $1.15 per share in current appraised energy assets held by its subsidiaries for the benefit of the shareholders.

The company is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders.

About Houston Natural Resources Corp

Houston Natural Resources Corp (www.hnrcholdings.com) (OTC:HNRC). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in energy, information technology and healthcare.

FORWARD-LOOKING STATEMENTS:

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

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SOURCE Houston Natural Resources Corp.

FAQ

What is the WDHI listing target price announced by HNRC?

The target listing price for WDHI is $3.50 per share.

What dividend will HNRC shareholders receive from the WDHI spin-off?

HNRC shareholders will receive one WDHI share for every two HNRC shares held, equivalent to a $1.75 dividend.

When was the record date for HNRC's dividend issuance?

The record date for the dividend issuance was December 16, 2022.

How much revenue is HNRC expected to generate in 2022?

HNRC expects to exceed $18.2 million in revenue for 2022.

What is the purpose of the $10 million underwriting commitment?

The $10 million underwriting commitment is intended for working capital to fund operations, expansion, and acquisitions.