Electra Texas, Dec. 12, 2024 (GLOBE NEWSWIRE) -- New Asia Holdings Inc (“NAHD” or the Company) (OTC: NAHD) announces completion of an acquisition pursuant to a Plan and Agreement of Reorganization (the “Agreement”) between the Company and Machfu Inc.
The Company completed the acquisition of all the issued and outstanding shares of common stock of Machfu Inc., in exchange for the issuance by the Company to the shareholders of Machfu of approximately thirty-five million shares of Company’s common stock.
Pursuant to the Agreement, Machfu Inc. has become a wholly owned subsidiary of the Company.
Mr. Michael McLaren CEO of New Asia Holdings states “The acquisition of Machfu paves a path for Olenox Corp. to move into the remote wellsite monitoring market not only for its own production assets but also for our 3rd party service clients.” He further stated, “The technology is ideal for low producing wells, cutting costs across the board on operator visits, improved management and data control as well as early detection of faults resulting in increased uptime.”
With the acquisition of Machfu, New Asia intends to aggressively market the technology into the Oil and Gas stripper well market piggybacking on Olenox’s service and technology expertise.
About Machfu Inc.
Machfu is a developer and manufacturer of a robust collection of innovative cloud and edge software solutions designed for emerging industrial IoT applications, combined with low-power, ruggedized Bluetooth IoT gateways, seamless sensor connectivity, and solar-powered solutions. With 20,000 Machfu gateways in the field in primary end-markets like Utilities, Oil & Gas (O&G) and Machine Health, the company has become highly regarded the field as the reliable smart choice for cost effective remote monitoring solutions.
Our solutions include:
- outage detection on distribution lines,
- failure prediction in machines
- efficient operation of O&G wells
The company has strong engineering capabilities in offering multiple networking & connectivity solutions, supported by intellectual properties (IP), patents, and software trademarks. Machfu has long standing relationships with blue-chip customers and has averaged over $US2,000,000 per year in sales for the past 5 years.
About New Asia Holdings. Inc./Olenox Corp.
Olenox Corp.is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services and Energy Technologies.
- Oil and Gas. focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas and Oklahoma. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates sixteen leases on approximately 2,000 acres with 125 wells on lease to reactivate. Since acquiring the leases in July 2022, Olenox’s Oil and Gas division has increased production from an average of 7 barrels/day to over 40 barrels per day intermittently. After reviewing well control data in the area, Olenox believes that there is more recoverable oil available on these leases.
- Energy Services. This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end of life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
- Energy Technologies. This business provides both R&D and existing technology to enable increased production in the field. Olenox flagship intellectual property is its downhole enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.
Each of Olenox’s three vertically integrated business units operate in tandem to help Olenox capture unique opportunities that often go untapped by the Company's competitors.
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
