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Solomon Ali, their Senior Vice President of Investor Relations who arranged the funding, states, "We're very excited, because we feel this is a major endorsement by these investors in our new management team and our business objectives. It's part of our ongoing process to restructure the company for long-term profitability. Under the terms of this proposed agreement, Universal Bioenergy's management intends to use the proceeds of the investment for working capital, to obtain lines of credit, and to raise additional capital for new acquisitions of other alternative energy companies, and additional biofuels refineries."
Universal Bioenergy's management believes this will allow them to meet the needs of several potential long-term biofuel orders in the 80 to 100 million gallon range that their new marketing team is working on. In management's opinion, of which there can be no assurances, the estimated gross revenue to be generated from the fuel sales of these potential orders is in the range of $200 to $250 million.
About The Company
Universal Bioenergy Inc. is an alternative "Green Energy" company, and intends to create and market Biofuels, Wind, Solar, Synthetic Fuels and other related alternative energy products and technologies. It plans to build the company into a prominent player in alternative green energy.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
For inquiries contact: Investor Relations at 888-263-2009
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.
CONTACT: Universal Bioenergy Inc. Vince Guest (888) 263-2009 Fax: (951) 281-4653 www.universalbioenergy.com
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