IRVINE, Calif., May 3, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG): Shares of Universal Bioenergy jumped 10.53% on Monday, May 2, 2011 after it released news on its plans for increased revenues, growth and expansion for 2011, in its 2010 Annual Letter To Shareholders.
The shares went up as much as 12.19% to a high of $0.0672. The stock later settled to $0.063 at the close of the trading day for a gain of 10.53%. A total of 3,519,013 shares were traded yesterday. Over 20,846,000 shares of the Company's stock were traded from Monday, April 25, 2011 through the end of the trading day Monday, May 2, 2011. In the same period in 2010, 967,149 shares of the Company's stock traded.
On April 29, 2011, the Company announced in a Form 8K filing, and its 2010 Annual Letter To Shareholders, that it achieved record revenues of $41,292,201 for the year ending December 31, 2010. Its total assets were over $13.54 million at the end of December 2010, as compared to $295,919 at the end of 2009. It reduced its losses by approximately $1,306,407 or 69.77%, from $1,872,448 for 2009, to an estimated loss of $566,000 for 2010.
"We are very excited about the increased demand for our stock and its potential growth. In 2011 we will be making a major drive toward profitability. Management believes, but cannot guarantee, that we may be able to sell an estimated $173,986,000 of natural gas this year. If we implement all of the various new profit centers, that could result in a projected profit of $7,307,000. With those projected earnings, and using a P/E ratio of 15 times earnings based on Standard & Poor's valuation standards, this would give the Company a projected value of $109,000,000," states Universal's Senior V.P. Solomon Ali.
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, petroleum, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.
For inquiries contact: Media Relations: Solomon Ali at 704-837-5705
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.
CONTACT: Vince Guest Universal Bioenergy Inc. Phone: (888) 263-2009 Fax: (866) 377-2138
