Third Bench Supports the Construction of the Netflix Studios Campus

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA), through its subsidiary Third Bench, is involved in developing a 300-acre Netflix production facility in Albuquerque, New Mexico. The project, which is part of Netflix's expansion, is expected to create 1,000 production jobs and generate $1 billion in production spending in the state. Third Bench's commercial division will supply millwork products for this facility. With projected revenues of $30 million for 2022, Third Bench is on a growth trajectory, supported by strong regional housing demand.

Positive

• Third Bench is projected to have revenue of $30 million for 2022, indicating growth.
• The construction of the Netflix facility is expected to create 1,000 jobs and generate $1 billion in production spending.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / April 11, 2022 / New America Energy Corp. (OTC PINK:NECA), through its subsidiary Third Bench, is engaged with the development of the 300 acres Netflix production facility in Albuquerque, New Mexico.

Third Bench's commercial division, through its general contractor customer, is supplying millwork and related products to the development of the 300-acre Netflix Campus in Mesa Del Sol, an area in the Albuquerque metro. The Netlfix Campus is dedicated to the production operations for Netflix Studios.

Netflix began with the purchase of Albuquerque Studios, known for hits, Breaking Bad and Better Call Saul, in 2018 and announced a significant expansion in November 2020, the project is expected to be completed in 2023. The 300-acre expansion will create an estimated 1,000 production jobs and an additional $1 billion in production spending throughout the state.

"People will literally be thinking of Albuquerque as the home of Netflix Studios," Albuquerque Mayor Tim Keller said to KOB channel four.

Third Bench, CEO David Fair stated, "This is one of many great long-term projects in the backlog of Third Bench! This project is an example of the many companies making a significant commitment to the Southwest, which will bring an influx of people to the region and create tons of high-income employment opportunities."

David goes on to say "The migration of people, from states like California, will be looking for housing in New Mexico. This project will continue to support the strong regional housing market and Third Bench will be there to supply cabinets for all the homes!"

About Third Bench Holdings, LLC

Third Bench Holdings, a 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 150 people and had revenue of about $24 million in 2021. Third Bench is on a run rate of $30.0 million for 2022 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/

NECA Contact:
Investor Relations
info@thirdbench.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/696817/Third-Bench-Supports-the-Construction-of-the-Netflix-Studios-Campus

FAQ

What is the significance of New America Energy Corp. engaging in the Netflix production facility project?

New America Energy Corp., through Third Bench, is supplying products for a major Netflix facility, increasing its business footprint and revenue potential.

What are the projected revenues for Third Bench in 2022?

Third Bench is projected to achieve revenues of $30 million in 2022.

How many jobs will be created by the Netflix production facility in Albuquerque?

The Netflix production facility is expected to create approximately 1,000 production jobs.

What is the estimated economic impact of the Netflix project in New Mexico?

The Netflix project is estimated to generate $1 billion in production spending throughout New Mexico.

What products is Third Bench supplying for the Netflix facility?

Third Bench is supplying millwork and related products for the construction of the Netflix production facility.