IRVINE, Calif., Jan. 12, 2010 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), after completing its Business Summit, announced it is charting a bold new course for the company by diversifying and shifting its focus to far more profitable Solar, Energy Efficiency, and biobased Green Chemical technologies.
"At our Business Summit, we took a hard look at global trends in alternative energy, and concluded we wanted to be in markets with the lowest development costs, ease of commercialization, and the highest revenues and profits. We're diversifying into high growth areas, and reducing our dependence on just biodiesel. According to some sources, biodiesel production volumes were down in 2009, with many plants sitting idle, and many operating at just 40% capacity. Those companies were negatively impacted by the market. That's why our management decided to lease our plant to lower our costs, and risks in the marketplace. Now our management is looking to invest in industries and technologies that can drive our business forward this year," says Dr. Richard Craven, their CEO.
Clean Edge Research projects Solar to be an $80 billion industry by 2018. So, Universal is looking at nanophotonic solar cells, and polymer based thin film solar cells that may produce energy conversion efficiencies of 30%+, and at 50%+ less cost than silicon based photovoltaic cells. They're also targeting energy efficiency technologies, green chemical products, and byproducts from biomass feedstocks such as glycerol and propylene carbonates and others that can be used in pharmaceutical and nutritional products.
Solomon Ali, their Sr. V.P of Investor Relations said, "2009 was a tough year for most companies, and some naysayers didn't think we would make it, but we feel we're positioning ourselves for success this year. We believe we can meet our new business goals and start acquiring companies with the technologies, patents and licenses to build a strong Universal with solid revenues and profits. Executing our new business plan and improving shareholder value will be our main priority this year."
About The Company
Universal Bioenergy Inc. is an alternative "Green Energy" company, and intends to create and market alternative energy sources including Solar, Biofuels, Wind, Synthetic Fuels and other related energy technology products. It plans to build the company into a prominent player in alternative green energy. For inquiries contact: Investor Relations at 888-263-2009.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
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.