IRVINE, Calif., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), an alternative energy and green tech company, announced today that it has signed a Letter of Intent with WBH Capital Inc., based in Claremont, California, to form a new joint venture for strategic business acquisitions and development of alternative energy projects. The intent of the "Venture" is to raise up to $200 million in capital for the various acquisitions and projects. The acquisitions, include companies, patents and licensing technologies in the natural and alternative energy industries, including solar, algae based biofuels, wind, tidal, green technology products, and waste to energy projects.
Under the terms of the proposed agreement, WBH Capital will also render financial advisory services to Universal for strategic business consulting, asset and technology purchases, and assisting in its growth plans through mergers and acquisitions.
"We're very excited about this joint venture with WBH Capital. This venture helps us to strategically focus on our core business of alternative renewable green energy, even though we have recently pursued some ventures in the natural gas field because of the great revenue and profit potential. We believe alternative energy and green technology is the heart of our business and will bring even greater profits for us long term. In the solar industry, we're looking at nanophotonic solar cells, and polymer based thin film solar cells that may produce energy conversion efficiencies of over 30%, and at 50% less cost than silicon based photovoltaic cells. We believe this will be the wave of the future in the solar industry," says Vince Guest, CEO of Universal.
Willie B. Harris, President and CEO of WBH Capital states, "We look forward to a long and prosperous relationship with Universal. We intend to assist them with their plans for expansion into solar, algae base biofuels, green technology products, and possibly waste to energy projects. We feel there is a lot of potential with Universal, in these areas, especially since the cost of power is becoming more competitive for these other sources of energy. We have a team of highly skilled professionals, with many years of experience to get started immediately to launch this new venture."
The final terms and conditions of the transaction will be determined in the definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Universal, and other conditions and approvals by both companies' management and board of directors.
About Universal Bioenergy
Universal Bioenergy Inc. is an alternative energy company, and through its subsidiary NDR Energy Group, markets natural and alternative energy, including natural gas. The company is poised to expand into solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build on this core business, and work 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.