ALPHARETTA, GA--(Marketwired - Feb 19, 2014) - New America Energy Corp. (OTC Pink: NECA), through its wholly-owned operating subsidiary Title King, LLC, which provides short-term high interest loans to consumers through the collateral use of car and truck titles, announces update on current operations.
Fully Reporting Status
The Company is pleased to announce it is close to finalizing its fiscal year financials and anticipates filing its 10K to bring the company back to fully reporting status in the very near future. The Company has been working on resolving some legacy issues, which have contributed to the delay in filing their 10k, and believes that a resolution is near. Once final, the Company's CFO and Auditors are prepared to file the 10k in a timely manner and we look forward to re-listing our common shares back on the OTCQB.
Initial Store Operations
Over the past few months, the Company has continued to review sites for its initial store front operations for the Title King franchise. We are pleased to announce that the Company has found a strong location to open its first location, and we hope to have a lease signed on this first store in the very near future. Upon signing and securing of this new store front we will provide an official release regarding this matter.
Securing Title Loan Software
The Company is in the process of securing a turn-key software management system for operations of a Title Pawn service. The software will allow Title King the ability to manage customer loans, verify customer is legal owner, is capable of providing Black Book valuations on vehicles, and is essential in moving forward with our Title Pawn business.
Current Share Structure
As of February 2014, the Company had approximately 300 million common shares issued and outstanding, of which roughly 60 million was held by insiders and thus restricted from sale.
Jeff Canouse, the CEO of New America Energy Corp. commented, "We wish to thank our shareholders for their patience and understanding regarding the delays in filing of the 10k. No transition is without its hiccups, but I'm confident we'll resolve the issue, file the 10k, re-list our shares on OTCQB, and focus all efforts and resources on our core business to open our first location."
About New America Energy Corp.
Based in Alpharetta 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.