ALPHARETTA, Ga., Sept. 19, 2013 (GLOBE NEWSWIRE) -- New America Energy Corp. (OTCQB:NECA), announces the acquisition of a title loan company as new core operations for the company.
The New America Energy Corp. (the "Company") announced the acquisition of Title King, LLC, based in Alpharetta, Georgia, as its new core focus of operations. This new acquisition will become the flagship operations for the Company, and the Company is expected to open a number of title loan stores in the Southeast region in the coming months.
The title lending business, also known as title pawn, 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. Each loan is for 30 days, secured by a first lien on the consumers' vehicle, with interest rates varying depending on collateral, but will have a maximum of 24.99% a month in the State of Georgia.
About New America Energy Corp.
Based in Alpharetta GA, through its title loan subsidiary 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.
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.