HNRC ANNOUNCES WDHI LISTING AND DIVIDEND UPDATE HOUSTON, Feb. 23, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") has hired an attorney to file an SEC registration statement on behalf of its subsidiary Worldwide Diversified Holdings, Inc ("WDHI") for a public listing. The anticipated target listing price will be $3.50 per share. The shares in the previously announced spin-off of the non-energy assets included in the dividend program will be registered for trading on the open market. With a target listing of $3.50 per share, each HNRC shareholder will be issued one WDHI common share for every two HNRC common shares that were shareholders of record on December 16, 2022 equivalent to a $ 1.75 per HNRC common share stock dividend.
On December 5, 2022, HNRC filed the corporate action for review by FINRA to allow the company to issue the stock dividend of one WDHI shares for every two shares of HNRC held by the shareholder on the record date. FINRA has responded and HNRC has been consistently corresponding to complete this review process. The company will continue to keep its shareholders informed regarding this dividend event.
HNRC has hired an accounting advisory firm to assist HNRC with a two-year current audited statement which will allow for the company to apply for an up listing.
The company has also signed an agreement with an underwriting firm to complete an up listing for HNRC on to a major exchange in 2023. The $10 million dollar underwriting commitment for working capital to fund current operations, expansion and acquisitions.
HNRC expects to exceed their annual projections for the year ending 2022. The expected increase in 2022 revenue from $18,217,737 in 2021 and $9,523,634 in 2020.The expected increase in earnings for year ended in 2022 compared to $7,636,830 in 2021 and $2,973,320 in 2020.
The company intends to focus on realizing the value on the total of $1.15 per share in current appraised energy assets held by its subsidiaries for the benefit of the shareholders.
The company is evaluating additional acquisitions in the energy and energy services industry to provide value for shareholders.
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