News for 'UBRG' - (Universal Bioenergy Announces NDR Energy Group Expands Into Propane Market -- Awarded New Contract)
IRVINE, Calif., Jul 27, 2011 (GlobeNewswire via COMTEX) -- Universal Bioenergy
Inc., (Pink Sheets:UBRG), a natural and alternative energy company, announced
that it is expanding into the propane gas market. Its subsidiary NDR Energy
Group won a contract in June 2011 to supply propane gas to one of the nation's
largest gas utility companies.
The contract was awarded by a customer that is a regulated subsidiary of a
public utility holding company that has been distributing natural gas for 160
years and is headquartered on the east coast. The utility delivers natural gas
to more than one million residential, commercial and industrial customers
throughout the Mid-Atlantic region.
NDR Energy's CEO, Ken Harris, states, "This transaction represents a huge
benchmark for our company. We continue to grow our business portfolio and
propane sales will remain an integral part of our growth strategy."
Universal's President Vince M. Guest states, "One of our major goals is finding
new ways to maximize the wealth of our shareholders and bring increased value to
our stakeholders. That means we have to grow and expand our product mix in the
marketplace. As part of our new business model, we are positioning the Company
to be a huge player in the propane gas market. We believe this will be another
major profit center for the Company."
Under the terms of the agreement NDR Energy Group is to supply an initial
quantity of 990,000 gallons of propane gas to the customer with an estimated
value of $1.5 million. The agreement limits NDR Energy from disclosing the
customer's name and certain details of the transaction.
About Universal Bioenergy Inc.
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.
