IRVINE, Calif., July 17, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, in its plans for growth and expansion, announced that its subsidiary NDR Energy Group, submitted its application for approval to the Federal Energy Regulatory Commission or FERC, to become an electricity "Power Marketer", in a move that would position the company to be granted a "power marketers license" to engage in the buying and selling of electricity. NDR Energy Group would not own any generating or transmission facilities. However, as a "Power Marketer", it could take ownership of the electricity and would be involved in the interstate trade of electric power. This could potential generate millions in additional revenues and assets for the Company.
On July 2, 2012, the Company announced that NDR Energy, established a new division that will market and distribute bulk wholesale electric power to its current electric utility customer base and its expanding customer base which will include federal and state agencies, the U.S. military, cities, municipalities and large commercial and industrial companies. NDR Energy Group will be able to offer integrated energy solutions that will assist its growing customer base to buy, manage and use electricity and natural gas.
The Federal Energy Regulatory Commission, or FERC, is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil. FERC also reviews proposals to build liquefied natural gas (LNG) terminals and interstate natural gas pipelines as well as licensing hydropower projects. The Energy Policy Act of 2005 gave FERC additional responsibilities as outlined in FERC's Top Initiatives and updated Strategic Plan. As part of that responsibility, FERC also regulates the transmission and wholesale sales of electricity in interstate commerce.
Ken Harris, the CEO of NDR Energy Group stated: "Our application for a FERC license is a critical first step in our effort to fully establish a successful electric power division at NDR. Electricity sales, will likely become a critical component of our day to day operations. While our volumes from natural gas sales continue to progress, it is critical that we continue to create divisions that provide increased margins and profitability."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com
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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.