IRVINE, Calif., April 25, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy, (Pink Sheets:UBRG), a publicly traded energy company, announced today, its financial results of operations, for the three months ended March 31, 2011.
The Company's total revenues for the three months ended March 31, 2011 were $22,565,496 as compared to $0 for the same period in 2010. We incurred losses of approximately $154,000 for the three months ended March 31, 2011, as compared to $172,872 for the same period ended March 31, 2010. Our "total assets" have increased by $3,885,700 or 1325.73%, to $4,178,800 for the period ending March 31, 2011, compared to $293,100 for the same period in 2010. The Company currently generates the majority of its consolidated revenues and cash flow from the marketing and sale of natural gas to its 22 electric utility customers.
"We are very pleased to announce we achieved a new record in revenues, and an outstanding first quarter this year, despite a sluggish economy," says Vince M. Guest, Universal's President and CEO. "That's a tribute to the diligent efforts of Universal's management and the marketing team at NDR Energy Group. We're very encouraged by the continued growing market demand of natural gas in the energy sector by our customers. We are still working very hard to drive our cost down, add new profit centers, and generate significant earnings this year. Based on our plans for growth and expansion, and increasing revenues, we believe we will continue the trend to reduce our net losses down to zero, and then move our company toward solid profitability."
This information is preliminary and unaudited. The Company anticipates the formal audit of their financial records, will be completed soon, and the full details of its financial results will be reported in its Form 10K Annual Report, to be filed with the SEC.
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, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans 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.
CONTACT: Solomon Ali 704-837-5705