New America Energy Corp (OTCMKTS:NECA), which is now known as Third Bench, was in the news yesterday after its Chief Executive Officer issued a letter to its shareholders.
Trading Data
On Tuesday, NECA stock ended flat at $0.0003 with more than 17.08 million shares, compared to its average volume of 133.26 million shares. The stock moved within a range of $0.0002 – 0.0003 after opening trade at $0.0003.
Third Bench CEO Letter to Shareholders
The company is the leading player in the kitchen and bathroom countertops and cabinetry industry. After the publication of the letter yesterday, there was not much of a move in the Third Bench stock and in fact, it remained within a range. In the letters, it was noted that the company is still actively looking to make acquisitions which are complimentary in nature to its core business.
Third Bench is specifically looking to make acquisitions which are focused on the residential sector in some of the fast growing regions the South Western and South Eastern United States. It was also noted that the industry in which the company is involved is ripe for consolidation considering the fact that many of the owners of the major companies are of retirement age and hence, have few opportunities with regards to an exit.
These are all positive updates and although the stock did not move yesterday, it will be interesting to see if any movement does take place in the coming days.
Technical Data
NECA stock is trading below the 20-Day and 50-Day Moving averages of $0.0004 and $0.0005 respectively. The stock is trading in oversold zone with the RSI at 41.
