ATLANTA, GA--(Marketwired - Feb 14, 2017) - Title King, through its parent Company, New America Energy Corp. (OTC PINK: NECA), announces that the Company has executed a Line of Credit (LOC) for up to $250,000.00 to exclusively fund future title pawn loans to customers.
The line of credit shall carry a twenty-four-month term and will charge Two Percent (2%) monthly, however the Company shall have the right to refinance the loan at lower rates once a track record of performing loans has been established. All loans made by the Company carry a Twelve and One-Half Percent (12.5%) interest rate, which will result in the Company netting Ten and One-Half Percent (10.5%) per month which is equal to 127.5% APR. The Lender shall have a first lien on the LOC until such time the LOC matures, is refinanced, or bought out by the Company.
With the LOC, Title King's first flagship store will have the power to aggressively solicit new loans through local marketing, offer to "buy-out/refinance" borrowers from competition and solicit to purchase existing portfolios from other storefronts. The Lenders are open to increasing the amount of the LOC if a qualified acquisition is identified, which the Company continues to pursue.
BestTitleDeal App: The Company has asked that its tech team create a tutorial on the App that will instruct users how to download the App, create an account, apply for a loan and the ultimate benefits to the Company once it enters cross marketing agreements with local insurance partners and beyond. The App allows Title King to tap into the broader $6B title loan industry.
Filings: The Company has also paid a substantial deposit to its auditors to begin the process of auditing missing periods in the Company's most recent years. The Company is committed to returning to a fully reporting status and a higher OTC tier.
Jeff Canouse, CEO, commented: "Clearly a lot of work has been going on behind the scenes and securing this LOC is a truly significant milestone. Not only will the LOC give our flagship store the muscle it needs to get cash flow positive, but it also gives us the confidence to truly plan for additional stores. At a One Hundred Twenty-Seven percent (127%) APR, having Two Hundred Fifty Thousand ($250,000) out in loans is a huge deal. Investors can also look forward to more updates in the near term regarding important progress with our BestTitleDeal app."
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
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.