HNRC TO SPIN OFF NON-ENERGY ASSETS TO SHAREHOLDERS

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) announced a spin-off of its non-energy assets to Worldwide Diversified Holdings, Inc., with a total value of $53,307,324. Shareholders will receive a dividend of $1.75 of WDHI shares for each HNRC share owned on the record date. The company's focus will shift to acquiring income-producing oil and gas properties, expanding wastewater treatment facilities, and equipment for ongoing oil well projects. The transaction is expected to enhance shareholder value without impacting business operations.

Positive

• Spin-off of non-energy assets valued at $53,307,324.
• Dividend of $1.75 of WDHI shares for each HNRC share held.
• Focus on growth areas including oil and gas properties and wastewater treatment.

Negative

• None.

HOUSTON, TX, July 6, 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.  

The Company 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 10,661,465 common shares of Worldwide Diversified Holdings, Inc at $5.00 per share. 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. 

Worldwide Diversified Holdings, Inc ("WDHI") has audited statements and will provide for a listing later this year. The dividend record date will be announced during the third quarter and will automatically be distributed to the Company's shareholders. The company is anticipating an initial trading price of $5.00 per share to provide for the Company to list on a major exchange and receive additional capital. The transaction will provide for a dividend of $1.75 of WDHI shares for every one share of HNRC held by the shareholder on the record date.    

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.

Contact:

Houston Natural Resources Corp
E-mail: frank@hnrcholdings.com  
Houston Texas USA.
Phone: (757) 707-4563

 

View original content:https://www.prnewswire.com/news-releases/hnrc-to-spin-off-non-energy-assets-to-shareholders-301581568.html

SOURCE Houston Natural Resources Corp.

FAQ

What is the recent announcement by HNRC regarding its non-energy assets?

HNRC announced a spin-off of its non-energy assets to Worldwide Diversified Holdings, Inc.

What is the dividend amount for HNRC shareholders?

The dividend will be $1.75 of WDHI shares for every HNRC share held.

What will be the focus of HNRC after the spin-off?

HNRC will focus on acquiring income-producing oil and gas properties and expanding wastewater treatment facilities.

What is the value of the non-energy assets being spun off by HNRC?

The non-energy assets have a total value of $53,307,324.

When will HNRC shareholders receive the dividend?

The dividend record date will be announced during the third quarter.