HNRC UPDATES SHAREHOLDERS ON DIVIDEND

News provided by

Dec 07, 2022, 08:00 ET

HOUSTON, Dec. 7, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") confirmed today that it will spin off its non-energy assets to its wholly owned subsidiary Worldwide Diversified Holdings, Inc and then dividend them to its shareholders.

The dividend will be a stock dividend of common shares of Worldwide Diversified Holdings, Inc ("WDHI").The dividend date is for shareholders of record on December 16, 2022 and the anticipated payment date is December 30, 2022 subject to an effective registration statement.

The transaction will provide for a stock dividend of $1.75 of WDHI shares for every one share of HNRC held by the shareholder on the record date.

The Company has previously announced that, effective June 30, 2022, the Board of Directors has approved the transfer of the non-energy investments of $53,307,324 in exchange for common shares of Worldwide Diversified Holdings, Inc ("WDHI"). The Company received the requisite stockholder approval granting the Board of Directors the authority to affect the transfer of the assets and approve the dividend to the shareholders. The transaction is proposed to be a non-taxable spin off, meeting the business purpose of separating the company's non-energy assets.

The company's transfer agent, Equiniti Shareowner Services, has been appointed as the transfer agent for Worldwide Diversified Holdings, Inc and the dividend agent. The company has received the new CUSIP number for WDHI shares, applied to reserve WDHI as the trading symbol and has filed the corporate action with FINRA. WDHI will focus on acquisitions in the technology, telecommunications and software industries.

Shareholders owning HNRC shares through a broker or other nominee will have the WDHI dividend shares credited to their account to reflect the dividend and will not be required to take any action in connection with the transaction. Shareholders who hold their shares in book entry or physical certificates shall receive book entry statements of their WDHI shares. The transaction would not have any impact on the voting and other rights of stockholders and will have no impact on the Company's business operations or any of its outstanding indebtedness.

With the completion of the transaction, the company will now be focused on (i) acquisitions of income producing oil and gas properties, (ii) expansion of its wastewater treatment facilities, (iii) additional equipment for the existing 83 oil well rework project and (iv) on completing its listing in the first quarter of next year.

About Houston Natural Resources Corp

Houston Natural Resources Corp (www.hnrcholdings.com) (OTC: HNRC). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in energy, information technology and healthcare.

FORWARD-LOOKING STATEMENTS:

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.

SOURCE Houston Natural Resources Corp