New Asia Holdings Inc (NAHD) Announces Closing of Asset Purchase Agreement with Taylor Consulting (TAYO)

Rhea-AI Summary

New Asia Holdings Inc./Olenox Corp. (OTCQB: NAHD) has acquired 162 miles of Texas pipeline from Taylor Consulting (OTC:TAYO) for $1,600,000, paid in 10,000,000 shares of NAHD common stock. The pipeline is designated as a public utility with associated feeder wells and a large consumer customer attached. This acquisition marks NAHD's entry into the midstream market, providing a cash-flowing asset.

CEO Michael McLaren stated that the company plans to re-establish take-off agreements and upgrade the pipeline in the coming months. NAHD will also implement its in-house monitoring technologies to increase field efficiencies, reduce costs, and enhance environmental protection during pipeline operations.

Positive

• Acquisition of 162 miles of Texas pipeline designated as a public utility
• Entry into the midstream market with a cash-flowing asset
• Large consumer customer already attached to the pipeline
• Plans to implement in-house monitoring technologies for improved efficiency and environmental protection

Negative

• Issuance of 10,000,000 shares of common stock for the acquisition, potentially diluting existing shareholders

New Asia Holdings/Olenox Corp. Acquires Pipeline assets in Texas for $1,600,000 in common stock

Electra, Texas , Aug. 13, 2024 (GLOBE NEWSWIRE) -- New Asia Holdings Inc./Olenox Corp. (“NAHD” or the Company) (OTCQB: NAHD), announces it has purchased a 162 miles of Texas pipeline from Taylor Consulting (OTC:TAYO).  The purchase, valued at $1,600,000, was paid by 10,000,000 shares of common stock of NAHD. The Company believes the acquired assets will be a key property moving forward.  The acquired asset is 162 miles of pipeline designated as a public utility with associated feeder wells and a large consumer customer attached. 

“We are excited about this acquisition as it moves our company into the midstream market and provides a solid cash-flowing asset,” said Olenox CEO Michael McLaren.  “We will begin to re-establish take-off agreements and upgrade the pipeline over the next few months”.

The company will introduce its in-house monitoring technologies to increase field efficiencies, reduce costs and better protect the environment during the operation of the pipeline.

About Olenox Corp.
Olenox Corp.is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services and Energy Technologies.

• Oil and Gas: focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas and Oklahoma. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates several oil and gas properties in Texas and Kansas.
• Energy Services: This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end of life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
• Energy Technologies: This business provides both R&D and existing technology to enable increased production in the field. Olenox flagship intellectual property is its downhole enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.

Each of Olenox’s three vertically integrated business units operate in tandem to help Olenox capture unique opportunities that often go untapped by the Company's competitors.

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Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

FAQ

What assets did New Asia Holdings Inc (NAHD) acquire from Taylor Consulting (TAYO)?

New Asia Holdings Inc (NAHD) acquired 162 miles of Texas pipeline, designated as a public utility, with associated feeder wells and a large consumer customer attached, from Taylor Consulting (TAYO).

How much did NAHD pay for the pipeline assets?

NAHD paid $1,600,000 for the pipeline assets, in the form of 10,000,000 shares of NAHD common stock.

What are NAHD's plans for the newly acquired pipeline?

NAHD plans to re-establish take-off agreements, upgrade the pipeline, and implement in-house monitoring technologies to increase field efficiencies, reduce costs, and better protect the environment during pipeline operations.

How does this acquisition impact NAHD's market position?

This acquisition marks NAHD's entry into the midstream market and provides the company with a solid cash-flowing asset, potentially strengthening its market position in the energy sector.