Any thoughts out there?
Universal Bioenergy Signs Letter of Intent to Acquire Norcor Technologies
7:31 AM ET 7/28/10 | GlobeNewswire
Universal Bioenergy Inc. (Pink Sheets:UBRG), an alternative energy company, announced today that it is has signed a Letter of Intent to acquire Norcor Technologies Corporation, an energy, technology and facilities services company, headquartered in Charlotte, North Carolina.
Norcor Technologies, provides a broad range of products and services which are primarily for use in the Health Care industry, Military Facilities, and the U.S. Department of Transportation. Its primary focus is selling biodiesel, transportation fuels, energy services and facility energy efficiency retrofits. Norcor's management states that they are in discussions with the U.S. Military for a contract to provide several of their bases with approximately $49,000,000 in biodiesel and transportation fuels, over the next one to three years. They are also evaluating the building of a new biodiesel fuel blending facility, and a solar energy plant in the U.S.
Universal's Sr. V.P., Solomon Ali states, "We're very excited about the potential venture with Norcor Technologies. We believe this will allow us to market biofuels, transportation fuels and energy services, to Norcor's customer base and marketing channels. This acquisition, if completed, should integrate very well with our strategy for growth and expansion. We're building quickly on the foundation we started earlier this year, to push Universal toward our goal of creating solid revenues and profitability in 2010."
The final terms and conditions of the acquisition are being negotiated, and will be determined in the definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Universal, standard regulatory approvals, and other conditions and approvals by both companies' management and board of directors.
