IRVINE, Calif., July 27, 2011 (GLOBE NEWSWIRE) -- 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.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
Safe Harbor Statement -- There are matters discussed in this media information that are forward-looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward-looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.