ATLANTA, GA--(NewMediaWire - 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:
https://www.facebook.com/titlekingloans/?fref=ts
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.