WHERE IS THE DEBT REDUCTION...WHEREEEEEE?
Universal Bioenergy Announces Plans to Reduce Debt, and Increase Profitability and Shareholder Returns
On December 4, 2012, the Company announced the Company’s Board of Directors is reviewing proposals to reduce its debt, improve shareholder returns, and drive the Company toward profitability. The Company’s management is considering various proposals as part of its plans for growth, positioning itself to be more attractive to institutional investors, and in its plans to qualify for NASDAQ or other major stock exchange. The proposals under consideration include greatly reducing or eliminating some, or all, its debts and liabilities; consolidation and negotiations of some creditors Notes with more favorable terms; and converting some or all of the long debt and liabilities to shares of preferred stock for issuance to the various Note Holders and creditors. Management believes this should result in a significant improvement in the Company’s Balance Sheet, reduce debt, lower operating costs, improve working capital, improve cash flow, and increase profitability and shareholder returns.
