ATLANTA, Feb. 24, 2016 (GLOBE NEWSWIRE) -- New America Energy Corp. (OTC:NECA), through its wholly-owned subsidiary Title King, LLC, announces that the company has entered into a Letter of Intent to acquire an operational Title Loan company in North Georgia (Target).
The target acquisition has three separate locations that have been in business for nearly five years, has an established customer base and performing loans. In addition to the three title loan locations, New America will also be acquiring the Target’s auto dealership license, and the existing inventory of vehicles currently held. The Target is also licensed for traditional pawn, which the Company expects to continue on a limited basis.
With the execution of the Letter of Intent, NECA will now begin its due diligence process of verifying the quality of the loans and the underlying assets of those loans, confirming that all licenses are in good standing, establishing the valuation of the vehicles in inventory, and any and all other necessary steps.
The Company expects to finalize definitive agreements within sixty days.
Jeffrey Canouse, CEO of New America, commented, "We are very excited to announce our letter of intent to acquire these three locations, their loans, the Auto dealership license and the current vehicle inventory. As I mentioned in my interview last week, the Company has shifted its strategy towards acquiring existing locations in a very fragmented industry. This acquisition is our first step in executing our roll-up strategy, which will quickly help bring our company into revenue and cash flow generation through the current operations of these stores. We will begin our due diligence immediately and I look forward to updating our shareholders throughout this process.”
As of February 23, 2016, the Company has approximately 750 million common shares issued and outstanding, and is listed Current on OTC Markets.
About New America Energy Corp
Based in Atlanta GA, through its title loan subsidiary, Title King, LLC, provides short-term high interest loans to consumers through the collateral use of car and truck titles. The Company operates in the alternative financial services industry, providing automobile title loans to consumers who own their vehicle free and clear and need convenient and simple access to funds. Other products offered in this industry include other forms of consumer loans, check cashing, money orders and money transfers. Consumers who use alternative financial services are often referred to as "underserved" or "underbanked" by banks and other traditional financial institutions. With store operations expected to expand throughout the South East, Title King expects to provide short-term loans to a wider reach of consumers. www.titlekingloans.com
Safe Harbor Statement:
Except for statements of historical fact, the matters discussed in this press release are forward-looking, and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made herein regarding the intent, belief or current expectations of New America Energy Corp. are forward-looking statements that reflect numerous assumptions, risks and uncertainties, many of which are beyond our control, and any of which could cause our actual future results to differ materially from our stated expectations today. Prospective investors are cautioned that our forward-looking statements are never guarantees of future performance. Important factors currently known to management that could cause our actual future results to differ materially from those indicated in our forward-looking statements today include our limited operating history, fluctuations in our operating results, our ability to compete successfully and our ability to attract necessary capital on satisfactory terms. Except as required by applicable law, we undertake no obligation to update or revise our forward-looking statements to reflect changed assumptions, the occurrence of unanticipated future events or changes in our future operating results.