IRVINE, Calif., May 9, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company that markets natural gas, petroleum and coal, announced it's in negotiations with several companies to obtain additional capital funding for the growth and expansion of the Company. The Company is negotiating a $10 million credit facility and an asset based facility for $15 million. The total combined funding is in the $25 million range per month, or an estimated $300 million annually.
The funds will be used for working capital, mergers and acquisitions of other companies in the energy industry, and for its aggressive plans for future growth and expansion. The capital funding and credit facilities will also provide strategic access to purchase major supplies of natural gas, coal, and electricity for its growing customer base throughout the U.S., Europe and Asia.
Universal's President Vince M. Guest states, "We are very pleased at how the progress is coming with obtaining this capital funding. If we are successful in closing these funding transactions, this will allow us to expand our international coal division at a much faster pace, and generate greater revenues for our electric power and petroleum divisions. We believe the outlook for the company is very strong, and we have a dedicated and talented team of professionals to achieve our expansion goals. With the capital funding, we are projecting combined annual sales from coal, natural gas and electric power in the $600 million range. This should have a positive effect on our shareholders."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc. is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com.
Safe Harbor Statement - 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.