Universal Bioenergy Approves Financial Restructuring Plan to Reduce Debt, Increase Profits and Shareholder Returns
April 23 2014 - 3:25PM
Marketwired
Universal Bioenergy Approves Financial Restructuring Plan to Reduce
Debt, Increase Profits and Shareholder Returns
IRVINE, CA--(Marketwired - Apr 23, 2014) - Universal Bioenergy
Inc. (OTCQB: UBRG), a publicly traded independent diversified
energy company that markets and distributes natural gas, petroleum,
coal and electricity, announced it has approved a plan to
restructure its financials in an effort to improve its Balance
Sheet, further reduce its debt, generate strong earnings and
improve shareholder returns.
In April of 2012, the Management of Universal Bioenergy improved
the Company's financials and improved its Balance Sheet by reducing
its long-term debt by a total of $3,234,775 for the fiscal year
ending June 30, 2013. This reduced the Company's long-term
liabilities to $976,248 for the period ending June 30, 2013 as
compared to $2,233,882 for the year ending June 30, 2012.
The Company plans to continue its aggressive drive to generate
positive earnings by making further efforts to improve its
financials, restructure its Balance Sheet and reducing its
short-term debt and long-term liabilities.
Universal's Senior Vice President Solomon Ali states, "By
reducing our debt by $3.2 million last year, it greatly improved
our financials and our Balance Sheet. However, we are not done yet.
Our goal is to continue in our pursuit to generate profits for the
Company. Therefore, we will continue to work with our creditors to
pay down and pay off many of the debt instruments that were created
several years ago to finance the Company's initial growth and
expansion. As a matter of fact, the Company has significantly
reduced its reliance on borrowing from its creditors for the last
16 months. We believe these efforts should continue to improve our
financial performance and position the Company to be
profitable."
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
For inquiries contact: Media Relations: Solomon Ali at
704-837-5705
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.
Media Relations: Solomon Ali 704-837-5705