Universal Bioenergy Announces Filing of Its Annual Report on Form 10-K and Financials
July 26 2011 - 9:30AM
Universal Bioenergy Inc. (Pink Sheets:UBRG), a natural and
alternative energy company, announced today that it has filed its
Annual Report on Form-10K for the fiscal year ended December 31,
2010 with the Securities and Exchange Commission. The annual report
contains the Company's audited financial statements, management's
discussion and analysis (MD&A), its plans and future outlook
and other disclosures.
The Company posted record revenues of $41,320,647 for the twelve
months ended December 31, 2010, as compared to $0 for the
same period in 2009. The $41,320,647 in revenues were
generated in only 8 ½ months from the close of
the acquisition of NDR Energy Group on April 12, 2010, through
December 31, 2010. Universal incurred losses of $1,947,962, as
compared to $1,872,448 for the same period ended December 31,
2009. Excluding the value of common stock that was issued for
services, and interest expenses which had a combined total of
$921,859, would correspondingly reduce the net loss of
$1,947,962 to an adjusted net loss of $1,026,103 for the
period ending December 31, 2010. Most of the net loss was due to
the acquisition of NDR Energy Group, issuance of stock, interest
expenses and purchase of gas inventories.
The Company reduced its total operating expenses from $1,858,309
for the period ending 2009, by a total of $524,491, or by 28.22%,
to $1,333,818 for the period ending December 31, 2010. Its
total assets increased by $12,964,812, or 4381.21% to
$13,260,731 for this period, primarily due to natural gas
inventories, compared to $295,919 for the same period in 2009. Its
long-term liabilities for this reporting period were
$213,355.
Universal's President Vince M. Guest states, "Last year
our management team inherited a development stage company
that had limited operations, assets, and in previous
years had no revenue, earnings, and a low trading volume and
liquidity in its stock. We believed we had a mandate from our
shareholders and investors, to build a solid operating company with
strong revenues and earnings in the shortest period of time. This
presented us with a monumental challenge, especially in the
worst economic downturn the United States has experienced since the
Great Depression. However, we managed to turn around a small
development stage company, built an operating company, and
generated revenues in excess of $41 million, all in less than one
year. Overall, we are highly pleased with the progress we made last
year. We intend to propel the Company to a dominant market
position, and be one of the top independent energy companies in the
United States."
Solomon Ali, Universal's Senior Vice President says, "Our
management intends to deliver greater value to our shareholders and
investors by generating increasing revenues, producing solid
earnings and improving returns on invested capital for the
long-term growth of our Company. We feel this is the
greatest measure of our success. We believe the Form 10-K now
fully confirms and firmly establishes all of the projects,
transactions and information that we have released to the public
this past year. It also confirms the tremendous progress we made
and proves that we successfully accomplished the goals we set out
to achieve. In short, we did what we said we would do. We
have been working on several multi-million dollar acquisitions
and transactions and now we are fully prepared to release this
information to the public over the next several weeks. We are very
about excited these and believe it will bring significant value our
shareholders."
The full Form 10-K Annual Report is available for
viewing on the SEC's website and it is also available at
our website at www.universalbioenergy.com Investor Relations, SEC
Filings section.
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, petroleum, 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 Form 10K Annual Report, and accounts and other SEC
filings, which is on file with the SEC on their website at
www.sec.gov. The full Form 10-K Annual Report is also
available at our website. 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: Media Relations:
Solomon Ali at 949-559-5017