HUGE NECA NEWS>>>New America Energy Corp. (OTC PINK: NECA), Announces Share Repurchase Program and Retirement of 111 Million Shares
MarketwiredNovember 16, 2016
ATLANTA, GA--(Marketwired - Nov 16, 2016) - New America Energy Corp. ( OTC PINK : NECA ), through its wholly-owned subsidiary Title King, LLC, proudly initiates the second step of the new three-step investor program by announcing a Share Repurchase Program and the retirement of 111 million shares of common NECA stock.
The Company is currently working with the NECA Transfer Agent and our legal team to retire the 111 million shares from the public float and return the stock back to NECA Company Treasury. The Company believes that completing this action adds immediate shareholder value as corporate valuations are performed with a smaller Outstanding Shares figure.
Regarding the Share Repurchase Program, all future purchases may be made in the open market, structured repurchase programs, or in privately negotiated transactions, subject to availability. The share repurchase program does not obligate NECA to acquire any amount of common stock, and the program may be suspended or discontinued at any time.
NECA CEO Jeffrey Canouse stated: "In NECA's last PR The Company announced that 'aggressive endeavors are underway' to ensure minimal or even no issuances are necessary after the 90-day period is over. The most immediate of these endeavors is a revolving, non-dilutive Line Of Credit (LOC) that The Company is on the brink of securing. The Board and I believe strongly that it is this LOC that will enable our disruptive business model while beginning the Share Repurchase Program in earnest. We simply do not believe our current stock price reflects the value of our business today and feel that the combination of our financial position, market expertise, and strategic investments will allow us to create greater shareholder value in the quarters ahead."
The Company is excited to announce our third step in our new Investor Program shortly.
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