Third Bench Consolidates Operations and Reduces Expenses

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) announced operational changes at its subsidiary, Third Bench Holdings, leading to increased efficiency and cost savings. The consolidation of the Las Cruces Cabinets subsidiary's showroom and warehouse into one location is expected to save at least $300,000 annually. This strategic move enhances collaboration among staff and positions LCC for growth in the robust Southern New Mexico market. Third Bench, which had a revenue of approximately $24 million in 2021, aims to expand its market share in the cabinetry sector.

Positive

• Operational consolidation expected to save at least $300,000 per year.
• Increased efficiency and collaboration within the Las Cruces team.
• Strong market position in the growing Southern New Mexico economy.
• Third Bench reported $24 million in revenue for 2021.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / September 15, 2022 / New America Energy Corp. (OTC PINK:NECA), and its operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), is pleased to announce increased efficiency and consolidation at the Company's Las Cruces Cabinets subsidiary ("LCC") subsidiary in Las Cruces, New Mexico.

LCC focuses on residential projects, focusing on selling and installing kitchen and bath cabinets in Southern New Mexico and El Paso, Texas. LCC has historically been focused on delivering a turnkey solution for builders and remodelers in the region.

LCC has recently consolidated the Showroom and the Warehouse into one location. Previously the two were housed in separate buildings. According to David Fair, CEO of the Company, "It was becoming increasingly apparent that we could operate much more efficiently with everyone under one roof. We are very excited about the increased synergies of having our entire Las Cruces team in the same location every day, sharing ideas, and growing the business."

This consolidation should result in total savings of at least $300,000 per year.

As Southern New Mexico continues to grow and the economy remains very robust, LCC is positioned to grow along with the region, as well as being poised to capture additional market share with an increased focus on the builder and professional remodeler network in the area.

About Third Bench Holdings, LLC

Third Bench, subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen and bath areas. Third Bench, through its subsidiary companies, offers products in these categories: residential cabinets and countertops and commercial millwork throughout the Western U.S. for customers from California to Texas. Third Bench also provides installation services as a part of its vertical offering. Third Bench employs over 130 people and had revenue of about $24 million in 2021. These projections have been provided by management and do not include the additional acquisitions that are currently under review.

Third Bench Holdings, LLC
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/

NECA Contact:
Investor Relations
info@thirdbench.com
https:/twitter.com/necaholdings

Safe Harbor

This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

SOURCE: New America Energy Corp.

View source version on accesswire.com:
https://www.accesswire.com/716084/Third-Bench-Consolidates-Operations-and-Reduces-Expenses

FAQ

What is the recent announcement by New America Energy Corp. regarding NECA?

The company announced the consolidation of operations at its Las Cruces Cabinets subsidiary, resulting in expected savings of at least $300,000 annually.

How much revenue did Third Bench Holdings generate in 2021?

Third Bench Holdings reported approximately $24 million in revenue for 2021.

What benefits will the consolidation of Las Cruces Cabinets provide?

The consolidation is expected to increase operational efficiency and collaboration among employees, leading to better business growth.

How is New America Energy Corp. positioned in the market?

The company expects to capture additional market share in the cabinetry sector due to the growing economy in Southern New Mexico.