HNRC DECLARES DIVIDEND DATE FOR ASSET SPINOFF TO SHAREHOLDERS

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) will spin off its non-energy assets to its subsidiary Worldwide Diversified Holdings, Inc., with a planned dividend of $1.75 per share to shareholders on December 16, 2022. The transfer involves non-energy investments valued at $53,307,324 and aims to complete a registration statement in Q4 2022. HNRC's future focus will include acquisitions of oil and gas properties, expanding wastewater treatment facilities, and enhancing its oil well rework project.

Positive

• Planned dividend of $1.75 per share enhances shareholder value.
• Valuable non-energy assets worth $53,307,324 are being transferred, increasing strategic value.
• Focus on acquiring income-producing oil and gas properties post-spin-off.

Negative

• None.

HOUSTON, Sept. 28, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders of record on December 16, 2022. The shares will be distributed to the Company's shareholders upon an effective registration statement. The company is anticipating the registration statement to be completed in the fourth quarter of 2022. The transaction will provide for a dividend of $1.75 per share for every one share of HNRC held by the shareholder on the record date.  

The Company has previously announced that, effective June 30, 2022, the Board of Directors has approved the transfer of the non-energy investments of $53,307,324 in exchange for common shares of Worldwide Diversified Holdings, Inc ("WDHI"). The Company received the requisite stockholder approval granting the Board of Directors the authority to affect the transfer of the assets and approve the dividend to the shareholders. WDHI will focus on acquisitions in the technology, telecommunications and software industries.

Shareholders owning shares through a broker or other nominee will have their positions automatically adjusted to reflect the dividend and will not be required to take any action in connection with the transaction. The transaction would not have any impact on the voting and other rights of stockholders and will have no impact on the Company's business operations or any of its outstanding indebtedness.

With the completion of the transaction, the company will now be focused on (i) acquisitions of income producing oil and gas properties, (ii) expansion of its wastewater treatment facilities, (iii) additional equipment for the existing 83 oil well rework project and (iv) on completing its listing onto the OTCQB. 

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 dividend amount for HNRC shareholders?

The dividend amount is $1.75 per share.

When will HNRC's asset spin-off dividend be paid?

The dividend will be paid on December 16, 2022.

What are the non-energy assets being spun off by HNRC?

The non-energy assets being spun off are valued at $53,307,324.

How will HNRC shareholders receive their dividend?

HNRC shareholders will receive their dividend automatically through their brokers.

What is HNRC's focus after the spin-off?

HNRC will focus on oil and gas acquisitions and expanding wastewater treatment facilities.