New Asia Holdings Inc (NAHD) Announces Closing of Share Exchange Agreement with Olenox Corp. and Marble Trital Inc.

Rhea-AI Summary

New Asia Holdings Inc (NAHD) has announced the closing of a Share Exchange Agreement with Olenox Corp. and Marble Trital Inc. Through this agreement, NAHD has acquired all issued and outstanding shares of Olenox Corp. in exchange for issuing approximately 224 million shares of NAHD common stock to Marble Trital Inc., the sole shareholder of Olenox. As a result of this transaction, Olenox has become a wholly owned subsidiary of NAHD. This acquisition marks a significant development for NAHD, as it has now acquired an operating business and assets, potentially impacting its market position and future operations.

Positive

• Acquisition of Olenox Corp. as a wholly owned subsidiary
• Gained operating business and assets through the acquisition

Negative

• Significant dilution of existing shareholders due to issuance of 224 million new shares

New Asia Holdings Acquires Operating Business/Assets

Electra, Texas, July 16, 2024 (GLOBE NEWSWIRE) --

New Asia Holdings Inc (“NAHD” or the Company) (OTCQB: NAHD), announces acquisitions pursuant to a Share Exchange Agreement (the “Exchange Agreement”) between the Company, and Olenox Corp.(“Olenox”), and Marble Trital Inc., as the sole shareholder of Olenox (the “Shareholder”).

The Company completed the acquisition from the Shareholder of all of the issued and outstanding shares of common stock, of Olenox in exchange for the issuance by the Company to the Shareholder of approximately 224 million shares of Company common stock (the “Exchange”).

Pursuant to the Exchange, Olenox has become a wholly owned subsidiary of the Company. 

About New Asia Holdings. Inc.

New Asia Holding Inc. (OTCQB: NAHD) provided the financial community with highly advanced, proprietary, neural trading models. The Company's trainable, algorithms emulate aspects of the human brain, providing its algorithms with a self-training ability to formalize unclassified information and thus develop an enhanced ability to make forecasts based on the historical information and other data available at their disposal. Due to the recent transaction with Olenox, New Asia will continue forward with operating business of Olenox Corp. and divest the trading model technology.

About Olenox

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 16 leases on approximately 2,000 acers with 125 wells on lease to reactivate. Since acquiring the leases in July 2022, Olenox’s Oil and Gas division has increased production from an average of 7 barrels/day to over 40 barrels per day intermittently. After reviewing well control data in the area, Olenox believes that there is more recoverable oil available on these leases.
• 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.

For more information, please contact:
New Asia Holdings Inc
205S Bailey Street, Electra, Texas 76360
Email: mikem@olenox.com
Phone: +1 940-205-1257

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 companies are involved in the Share Exchange Agreement announced by NAHD?

The Share Exchange Agreement involves New Asia Holdings Inc (NAHD), Olenox Corp., and Marble Trital Inc.

How many shares of NAHD common stock were issued in the exchange?

Approximately 224 million shares of NAHD common stock were issued in the exchange.

What is the result of the Share Exchange Agreement for NAHD?

As a result of the agreement, Olenox Corp. has become a wholly owned subsidiary of NAHD, and NAHD has acquired Olenox's operating business and assets.

When did NAHD announce the closing of the Share Exchange Agreement?

NAHD announced the closing of the Share Exchange Agreement on July 16, 2024.