HOUSTON, TX, May 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Worldwide Diversified Holdings, Inc (WNTR) (“the Company”) announced that it has acquired Houston Natural Resources, Inc.
The company has acquired 100% of Houston Natural Resources, Inc. (“HNRI”), HNR Oil Services LLC, and HNR Financial LLC, for a combination of cash and the issuance of common and preferred shares. The acquisition will add approximately $18 million dollars in assets to the company balance sheet. In addition, the acquisition is projected to add $7 million in revenues with $5 million in earnings. HNRI has audited statements and detailed independent appraisals of the assets. The Company is focused on completing audited statements for the last two years. This will provide for the Company to be able to up-list on a major exchange.
The company’s subsidiary HNR Oil Services LLC owns a water and solids treatment and disposal facilities that exceed all state and federal regulatory requirements, provide maximum environmental protection, and will generate multiple streams of revenue for the company via the saltwater disposal and byproduct remediation. Waste Management Technology is the process of removing undesirable chemicals, suspended solids and gases from contaminated water. This facility is expected to be generating from the fluid side of the facility only an estimated $250,000 per month of Net Operating Income by end of Summer 2020. HNR Oil Services LLC expected to secure the site for its second facility during calendar 2020. Furthermore, the Company is also acquiring producing and non-producing assets with quantifiable reserves and production capabilities. In today’s markets there are significant opportunities to acquire undervalued assets for long term appreciation.
HNR Financial LLC has received a term sheet for an initial commitment of up to $2,000,000, from a Texas Based Financial company, to assist in the implementation of the Company’s business plan.
The company has appointed Donald H. Goree, Donald W. Orr, and Clayton H. Goree as new members of the board of directors. In addition, the Company has formed Worldwide Diversified Holdings, Inc. as a Delaware Corporation and transferred the assets to the wholly owned subsidiary. The Company now has two wholly owned subsidiaries being Houston Natural Resources Inc., a Texas Corporation, and Worldwide Diversified Holdings, Inc., a Delaware Corporation.
Donald H. Goree, Chairman and CEO of Houston Natural Resources, Inc., stated:
“We are excited about the future of Houston Natural Resources (“HNR”) as we will operate with minimal, top level overhead expenses while attaining fully sustainable operations. During these difficult times for us all with the COVID-19 virus effecting lives, jobs, the markets, the whole of the economy. HNR will direct its personnel and financial resources to the rapid expansion of our HNR Oil Services LLC subsidiary as its revenue streams are not adversely affected by the rapid decline in oil prices. HNR Directors, Officers, and employees all continue to work remotely while continuing to make impressive progress.
“HNR will pursue the development and production of our proven oil reserves once oil prices have recovered. We currently have a new website under construction that will be announced shortly to best inform our many shareholders. We are dedicated to providing support to our wholly owned subsidiaries to carry out their missions.”
About Houston Natural Resources Corp
Houston Natural Resources Corp (www.HoustonNaturalResources.com). The Company is dedicated to increasing stockholder value through developing natural resources with state-of-the-art innovative technologies along with oil field waste disposal and recycling that are environmentally safe and socially responsibly processed.
About Worldwide Diversified Holdings, Inc.
Worldwide Diversified Holdings, Inc. (www.wdhinc.net). The company is a diversified holding company with business operations and investments.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.