Universal Bioenergy Announces Its Fiscal 2010 Results of Operations
April 19 2011 - 7:00AM
Universal Bioenergy, (Pink Sheets:UBRG), a publicly traded energy
company, announced today its results of operations for the year
ending December 31, 2010.
The Company's total revenues for the twelve months ended
December 31, 2010 were $41,282,201 as compared to $0 for the same
period in 2009. The total revenues for the three months ended
December 31, 2010 were $20,936,667 as compared to $0 for the same
period in 2009. The Company currently generates the majority of its
consolidated revenues and cash flow from the marketing of natural
gas. We incurred losses of approximately $566,000 for the twelve
months ended December 31, 2010, as compared to $1,872,448 for the
same period ended December 31, 2009. Current management has created
significant value and generated revenues of $41,282,201 since the
acquisition of NDR Energy on April 12, 2010, when previously there
were no revenues generated in the prior years.
This information is preliminary and unaudited. The Company
anticipates the formal audit of their financial records will be
completed soon, and the full details of its financial results will
be reported in its Form 10K Annual Report, to be filed with the
SEC.
Vince M. Guest, Universal's President, states, "Due to all the
major activity for the Company in 2010, our Auditors must perform
an audit on Universal, a review of NDR Energy Group's records for
the last five years, an audit for NDR for the last two years, an
audit of Texas Gulf Oil & Gas, and all related contracts and
documents. The amount of work involved, and extent of this audit
has caused a delay in the filing of the Form 10K Annual Report. We
apologize to our shareholders for the delay. We expect the filing
of the Form 10K to be completed very soon."
About The Company
Universal Bioenergy Inc. is an alternative energy company, and
intends to create and market natural and alternative energy sources
including natural gas, solar, biofuels, wind, synthetic fuels and
related energy technology products. It plans to build the company
into a prominent player in alternative energy.
The Universal Bioenergy Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6784
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.
CONTACT: Solomon Ali
704-837-5705