IRVINE, Calif., Aug. 21, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCQB:UBRG), a publicly traded independent diversified energy company, that markets and distributes natural gas, electricity, petroleum and coal, announced that it completed the repurchase of 300,000,000 shares of its common stock.
The repurchase of the 300,000,000 shares was approved by the Board of Directors, and was completed in a privately negotiated transaction. All 300,000,000 shares were subsequently cancelled and returned to the Corporations treasury. The 300 million shares represented 12% of the Company's 2,538,903,268 outstanding shares of common stock, as indicated in its most recent Form 10-Q Report.
Universal Bioenergy's Senior Vice President, Solomon Ali states, "The repurchase of the 300 million shares of our stock is one of the best uses of our resources. It also demonstrates our strong confidence in the long-term growth prospects of the Company, and our commitment to return value to our shareholders. We believe the best investment we can make, is an investment in our own Company."
Shares of the Company's common stock may be purchased from time to time on the open market and in privately negotiated transactions. The timing and amount of any shares repurchased will be determined based on the Company's evaluation of market conditions and other factors. Repurchases will be made in compliance with all SEC rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the Company might otherwise be precluded from doing so.
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, electricity, 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
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.