News for 'UBRG' - (NDR Energy to supply natural gas for power generation in US)
Aug 12, 2011 (Datamonitor via COMTEX) -- Universal Bioenergy Inc., a publicly
traded energy company, has announced that NDR Energy Group, its subsidiary, was
awarded a contract to supply natural gas for a gas and electric utility company
in the US for power generation.
The customer provides natural gas and electric service to approximately 15
million people throughout a 70,000-square-mile service area on the west coast.
Its parent company is traded on the NYSE and reported revenues of $13.84 billion
in its 2010 annual report.
NDR Energy's CEO, Ken Harris states, "This transaction represents an outstanding
accomplishment for our sales division. This transaction is a first for NDR. We
have had huge recent success with our sales of natural gas to utilities for
traditional residential and commercial usage. However, we are now solidly
involved in the sale of natural gas for power generation. Additionally, it
speaks volumes about our company, in that we were able to complete this
transaction with one of the largest utility companies in the country."
"As part of our growth strategy, this is really a monumental step for us in
selling gas for power generation. The agreement limits us from disclosing the
customers name and some details, however the value of the gas to be supplied
under the agreement is approximately $1.9 million in a single month. We feel
this should have a significant impact on Universal's market value and have a
positive effect on our shareholders. NDR is aggressively pursuing more deals in
the power generation segment of the utility industry, and we anticipate more
contract awards in the future," says Universal's President Vince M. Guest.
