United Energy Corp. Announces $5.1 Million Equity Financing
March 28 2006 - 10:37AM
PR Newswire (US)
SECAUCUS, N.J., March 28 /PRNewswire-FirstCall/ -- United Energy
Corp. ("United") (OTC:UNRG) (BULLETIN BOARD: UNRG) announced today
that on March 24, 2006, it completed a private equity financing
pursuant to which it raised $5,100,000 of gross proceeds from the
sale of 4,250,000 shares of its common stock at a purchase price of
$1.20 per share. Such shares of United's common stock have not been
registered under the Securities Act of 1933, as amended, but United
has agreed to file a registration statement with the SEC
registering all of such shares for resale under the Securities Act
of 1933, as amended. Commenting on the completion of the offering,
United CEO, Brian King stated, "United is pleased to have completed
this offering which we believe will provide United with sufficient
working capital to implement its growth strategy." United Energy
Corp. (OTC:UNRG) (BULLETIN BOARD: UNRG) , is headquartered in
Secaucus, NJ, and primarily engaged in the development and
marketing of specialty chemical solutions for the oil and gas
industry. Its patented K-Line of products have proven effective in
stimulating oil well production, reducing viscosity and drag in
pipelines and in recovering oil from sludge in storage tanks.
Except for the historical information herein, the matters discussed
in this news release include forward-looking statements that may
involve a number of risks and uncertainties. Actual results may
vary significantly based on a number of factors, including, but not
limited to, risks in the product and technology development, market
acceptance of the new products and continuing product demand, the
impact of competitive products and pricing, changing economic
conditions, including changes in short-term interest rates and
foreign currency fluctuations and other risk factors detailed in
United Energy's most recent periodic reports pursuant to the
Securities and Exchange Act of 1934 and other filings with the
Securities and Exchange Commission. United Energy Corporation 600
Meadowlands Parkway, #20 Secaucus, New Jersey 07094 p: 201-842-0288
f: 201-842-1307 http://www.unitedenergycorp.net/ DATASOURCE: United
Energy Corporation CONTACT: Bob Guinta for United Energy
Corporation, +1-201-842-0288, fax: +1-201-842-1307 Web site:
http://www.unitedenergycorp.net/
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