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Under the terms of the agreement MIPCO will have a biodiesel fuel production arrangement and lease of Universal Bioenergy's biodiesel fuel refinery in Nettleton, Mississippi to produce and distribute biodiesel fuel to the Southeast, Midwest and Gulf Coast regions of the United States. The estimated gross revenue to be generated from the fuel sales to the end user is $30 million. The gross operating profit to Universal Bioenergy is estimated at $3 million, with a net profit of $2.4 million per year, since the company will incur no operating costs other than general and administrative expenses. Universal Bioenergy is currently debt free and the current market value of its refinery plant at full operation is estimated at $13+ million.
Their Chief Executive Officer Dr. Richard Craven states, "This contract will be very favorable to Universal Bioenergy, in terms of our revenue, growth, expansion goals and to secure similar contracts with other firms in the future." It is projected that the refinery would be producing fuel in November of this year, and would produce about 12 millions gallons per year at current capacity.
About The Company
Universal Bioenergy Inc. is an alternative "Green Energy" company, and intends to create and market alternative energy sources including Biofuels, Wind, Solar, Synthetic Fuels and other related energy technology products. It plans to build the company into a prominent player in what is quickly becoming one of the most important industries of our century -- alternative green energy.
There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Universal Bioenergy Inc.
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