Third Bench Strengthens Management with Hiring of a Chief Financial Officer

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) announced it will change its name to Third Bench and appointed James B Turk as new Chief Financial Officer, effective Nov 8, 2021. Turk brings extensive experience in public companies and M&A strategies. Third Bench operates in kitchen and bathroom cabinetry, with projected revenues exceeding $28 million for 2021, up from $19 million in 2020. The company is cash flow positive and planning additional acquisitions. CEO David Fair expressed enthusiasm for Turk's expertise, expected to bolster company growth.

Positive

• Appointment of James B Turk as CFO, bringing extensive M&A and financial experience.
• Projected revenue increase to over $28 million in 2021 from $19 million in 2020.
• Company is cash flow positive.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / November 30, 2021 / New America Energy Corp. (OTC PINK:NECA), name to be changed to "Third Bench", an industry leader in Kitchen & Bathroom cabinetry and countertops.

Third Bench is pleased to announce the expansion of the Company's finance oversight with the retention of James B Turk as its new Chief Financial Officer effective Nov 8, 2021. James has an extensive career as an executive, operating public companies, and executing M&A strategies.

Mr. Turk stated "I am excited to hit the ground running. The personnel here at Third Bench, LLC and its subsidiaries are incredibly talented. I have enjoyed watching the Company grow as a spectator in a 3rd party professional service provider role. With the team that is in place and a little tailwind behind us as the pandemic recovery strengthens; I see great things coming our way."

David Fair, Third Bench CEO, "We are thrilled to add James' extensive experience and wealth of knowledge to the Third Bench executive team! We have known James as our long-time CPA and believe this a great opportunity to continue to build a strong operating company by including a well-known financial expert like James to the team!"

James B Turk began his career with the international public accounting firm Grant Thornton (1987-1991) with a focus on manufacturing and financial institution audits. Over his career James has held the financial leadership role with numerous private and public companies including:

• SafeCar, Inc. (1992-1996) a manufacturer of armored luxury automobiles and military grade vehicles (Raised $20 million in private equity capital, oversaw company growth from 14 - 210 FTE, Oversaw execution of the then historically largest Dept of State contract for armored luxury vehicles ($13 million/year)
• Roses Southwest Papers, Inc.
  • 1996-2000 (initial growth period of the Company from sales of $3 million/year to $35 million/year),
  • 2010-2014 Oversaw the sale of Roses Southeast Assets to Atlas Paper for $42 million;
  • 2020-2021 Oversaw the pandemic financial management ($3.5 million PPP financing and $12 million IRB financing).
• Surfect Technologies, Inc. October 2006, oversaw a reverse public merger and subsequent $3.3 million initial placement
• Westland Development Co, Inc. (WDCI) (2004-2007) oversaw the cash sale of publicly traded WDCI to privately held SunCal Companies for $250 million. ($315/share).
• Solutions Group, Inc. (2000-2021) CEO of boutique accounting firm focused on Start-up clientele across a wide variety of industries needing affordable CFO services during transitionary periods (M&A, SEC registrations, SOX Compliance Consulting, ISO and other certifications, Turn-Around engagements, and debt/equity finance sourcing.

Mr. Turk held a Certified Public Accountancy (CPA) license from 1991 to 2019 (allowed to expire in anticipating his retirement), has a Bachelor of Science degree in Business Administration, Accounting from the Malcolm Forbes School of Business, Adams State College in Alamosa, CO.

About Third Bench Holdings, LLC

THIRD BENCH Holdings is a holding company for five subsidiary companies operating as an architectural millwork and dealers in the cabinetry, kitchen and bath areas. THIRD BENCH, through its subsidiary companies, offers products in several 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 operations in excess of $19 million in 2020. Third Bench is on a run rate of over $28.0 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:

Investor Relations:
770-235-6053
info@thirdbench.com

https:/twitter.com/necaholdings
https://twitter.com/third_bench

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.

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https://www.accesswire.com/675147/Third-Bench-Strengthens-Management-with-Hiring-of-a-Chief-Financial-Officer

FAQ

What is the new name of New America Energy Corp. (NECA)?

New America Energy Corp. (NECA) will change its name to Third Bench.

Who was appointed as the new CFO of NECA?

James B Turk was appointed as the new Chief Financial Officer of NECA, effective November 8, 2021.

What are the projected revenues for Third Bench in 2021?

Third Bench is projected to exceed $28 million in revenues for 2021.

Is Third Bench cash flow positive?

Yes, Third Bench is currently cash flow positive.

What industry does Third Bench operate in?

Third Bench operates in the kitchen and bathroom cabinetry and countertop industry.