ATLANTA, GA--(Marketwired - Nov 15, 2016) - New America Energy Corp. (OTC PINK: NECA), through its wholly-owned subsidiary Title King, LLC, proudly initiates the first step of the new three-step investor program by announcing the reduction of 1 Billion Authorized Shares.
This reduction will lower NECA's A/S from 3.9B to 2.9B in line with The Company's goal of creating more favorable share structure conditions ahead of new material developments.
As of today, The Company has also reached a 90-day Standstill Agreement with NECA creditors. The Standstill Agreement between The Company and its creditors is effective immediately. This strategic agreement means that there will be no new issuances of stock for the next 90 days. Furthermore, aggressive endeavors are underway to ensure minimal or even no issuances are necessary after the 90-day period is over. The NECA Transfer Agent remains open and ungagged for the general investing public.
Jeffrey Canouse, CEO of NECA, concludes, "I am very pleased that we will be lowering The Company's Authorized Shares and working with our creditors to secure this Standstill Agreement. These significant corporate changes are completely in line with our plan to return The Company back to fully reporting status while simultaneously creating the conditions necessary to cultivate and create fresh shareholder value."
The Company is excited to announce the second and third updates in our three-step investor program shortly.
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. The Company is also exploring additional business opportunities including joint-venture partnerships and acquisitions. www.titlekingloans.com
Photos of our Title Loan store can be viewed on our Twitter account at https://twitter.com/titlekingloans
Photos are also available on the Company Facebook account at
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.