IRVINE, Calif., Dec. 30, 2009 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), after completing its Business Summit, announced that it has engaged the services of the business consulting and accounting firm, Pamela J. Thompson CPA of Phoenix, Arizona. As part of their restructuring, the firm will help complete all of the company's financial statements, annual and quarterly reports as required to be filed with the SEC.
Pamela Thompson CPA has over 23 years of experience in corporate accounting and business consulting with publicly traded companies. She has served as Chief Financial Officer, Treasurer, member of the board of directors for public and private companies, and worked for one of America's largest public accountancy firms. Her vast experience includes FINRA/SEC compliance issues and filings, corporate tax matters, international tax, stock exchange re-listings, GAAP analysis, Sarbanes-Oxley compliance, expert witness, and assistance with mergers and acquisitions. She was also rated one of the Top 6 "Rising Stars" by "Arizona Women" magazine.
Dr. Richard Craven, CEO said, "We're very excited Ms. Thompson is leading the team, in conjunction with our independent auditors, to review and update all of our financial records and related documentation to bring them current for filing with the SEC. She'll also work with our auditors and legal counsel to help ensure we're in full compliance with FINRA, GAAP and SEC guidelines. We believe we may be able to update these by the end of January, to allow us to bring our filings current."
Solomon Ali, Sr. V.P of Investor Relations, stated, "I believe, based on Universal's new direction, the updated records will have a very positive effect when they're completed. I also feel this may bring added value for our existing shareholders and our current efforts for potential acquisition targets."
About The Company
Universal Bioenergy Inc. is an alternative "Green Energy" company, and intends to create and market alternative energy sources including Biofuels, Wind, Solar, Synthetic Fuels and other related energy technology products. It plans to build the company into a prominent player in alternative green energy.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
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.