Third Bench Engages Top Accounting and Business Consulting Firms in the Southwest

Rhea-AI Summary

New America Energy Corp. (NECA) has acquired Third Bench Holdings and engaged REDW, a top accounting firm, to enhance accounting practices and prepare for a PCAOB audit. This initiative aims to improve financial reporting and provide shareholders with accurate information. Third Bench, which focuses on cabinetry and millwork, reported over $18.8 million in revenue for 2020 and is projected to exceed $24 million in 2021. The partnership with REDW is expected to support Third Bench's growth and auditing readiness.

Positive

• Acquisition of Third Bench Holdings enhances growth prospects.
• Engagement with REDW to streamline accounting practices and prepare for PCAOB audit.
• Third Bench projected to exceed $24 million in revenue for 2021.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / September 8, 2021 / New America Energy Corp. (OTC PINK CURRENT:NECA) through its recent acquisition of Third Bench Holdings, is pleased to announce that the Company has engaged REDW to streamline accounting practices and help prepare for PCAOB audit.

Third Bench is pleased to announce its engagement with the accounting and business consulting firm REDW, a regional leader in the Southwestern United States. Mr. Fair stated "We are excited to hire a great group like REDW! They certainly know our industry and have the experience necessary to put the systems in place at Third Bench that will allow us to provide our shareholders with the most accurate information possible and get us ready for an audit."

REDW will provide general accounting and consulting services to Third Bench, assisting with the implementation of top-quality accounting practices, financial reporting, centralizing accounting functions, and prepare Third Bench for a PCAOB audit. REDW went on to say "We are looking forward to working with such a successful and growing company, and look forward to helping Third Bench achieve their goal of becoming fully audited."

REDW is one of the Southwest's top 10 largest accounting and business consulting firms. REDW has served clients throughout the country for more than six decades. REDW is considered a Top 200 public accounting firm as of 2020 according to "Inside Public Accounting" and regional leader as of 2021 according to "Accounting Today".

https://www.redw.com/

About Third Bench Holdings, LLC

THIRD BENCH Holdings is a holding company for three subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies offer products in 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. The company provides its products and services through its architectural millwork and retail facilities, currently located in Albuquerque and Las Cruces, New Mexico and Tucson, Arizona. Third Bench employs over 140 people and had revenue in excess of $18.8 million in 2020. Third Bench is on a run rate of over $24.0 million for 2021 and is cash flow positive. These projections have been provided by management and do not include the additional acquisitions that are currently under review.

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

About New America Energy Corp.

New America Energy Corp. (NECA) is a holding company focused on strategic acquisitions that are opportunistic, cash-flow positive with hard assets.

NECA Contact:
Jeffrey M. Canouse
770-235-6053
jeff@necaholdings.com
jeffcanouse@gmail.com
https://twitter.com/necaholdings

NOTICE REGARDING FORWARD LOOKING STATEMENT

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information 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, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.

SOURCE: New America Energy Corp.

View source version on accesswire.com:
https://www.accesswire.com/662993/Third-Bench-Engages-Top-Accounting-and-Business-Consulting-Firms-in-the-Southwest

FAQ

What is the significance of NECA engaging REDW?

NECA's engagement of REDW is significant as it aims to enhance accounting practices and prepare Third Bench for a PCAOB audit, ensuring accurate financial reporting.

What were Third Bench's revenue figures reported in the press release?

Third Bench reported over $18.8 million in revenue for 2020 and is projected to exceed $24 million for 2021.

What does the acquisition of Third Bench Holdings mean for NECA?

The acquisition of Third Bench Holdings is expected to provide NECA with growth opportunities and increase its cash flow.

When was the press release published?

The press release was published on September 8, 2021.

How does the partnership with REDW benefit Third Bench?

The partnership with REDW is intended to implement top-quality accounting practices, centralize accounting functions, and prepare Third Bench for auditing, ultimately increasing shareholder confidence.