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Worldwide buys 100% of Houston Natural Resources in share & cash deal

Worldwide buys 100% of Houston Natural Resources in share & cash deal
Worldwide buys 100% of Houston Natural Resources in share & cash deal

Worldwide Diversified Holdings, Inc. has recently made the announcement that it has acquired Houston Natural Resources, Inc. Reportedly, the company has made an acquisition of about 100% of Houston Natural Resources (HNR), HNR Financial LLC and HNR Oil Services LLC, through a combination of the issuance of both preferred and common shares along with cash.

Apparently, the acquisition will be adding about $18 million in assets to the balance sheet of the company. Moreover, the acquisition is has been expected to add about $7 million in revenues with an earnings of about $5 million.

HNRI has been engaged in auditing detailed independent appraisals and statements of the assets. It has also been focused on finishing the entire auditing of statements over the last two years which will further offer the company to list on a desired exchange.

The subsidiary of the firm, HNR Oil Services LLC possesses a solids and water treatment as well as disposal facilities that surpasses all the federal as well as the state regulatory requirements, providing maximum environmental protection while also generating a number of streams of revenue for the firm with the help of the byproduct and saltwater disposal remediation.  

The waste management technology is essentially about the removal of unwanted chemicals, gases from the contaminated water as well as suspended solids. The facility has been expected to generate an estimated $250,000 every month of the overall Net Operating Income coming from the fluid side of the facility towards the end of summer 2020.

In addition to this, the firm has been buying both producing as well as non-producing assets with reserves that are quantifiable and so are the production capabilities. There have been a major number of opportunities in the current market to be able to buy undervalued assets for longer-term appreciation.

 

Source Credit- https://www.globenewswire.com/news-release/2020/05/04/2026791/0/en/Worldwide-Acquires-Houston-Natural-Resources.html

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Bhushan Tambe

A qualified computer graduate, Bhushan Tambe always nurtured a passion for words. Post his education, he decided to transform his penchant of penning down poetry and stories into a full-time career. Presently, Bhushan writes numerous articles for cuereport.com and a few other websites, on subjects spanning business, finance, and the like.