IRVINE, Calif., May 10, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), an energy company announced it is making final preparations to complete the financial statements to file with the Securities and Exchange Commission. The Company will file its Form 10K Annual Report for 2010 and its Form 10Q Report for the first quarter of 2011 to bring their filings current right up to the filing date.
"We believe the final audited reports to be filed with the SEC will confirm the preliminary information we released earlier this year when we reported revenues of over $20.93 million for the forth quarter of 2010 and revenues of over $41.29 million for 2010. It is our intent to report the most accurate information in our financial statements in full compliance with FINRA, GAAP and SEC guidelines. We feel this will build shareholder confidence and create value for those looking for a good long-term investment in a growing company. There's an enormous amount of work involved, however we believe we should have them ready for filing in the next few weeks. We are working hard on several other major transactions and strategic acquisitions that should bring increased value to our shareholders, the details of which will be forthcoming," said Vince M. Guest, Universal's President.
Shareholders and investors have been intently waiting for the filing of the Company's financial reports. The filing of the reports were delayed because the Company's Accountants, and Auditor's must complete a full audit on Universal Bioenergy, an audit for NDR Energy for the last two years and a review of NDR's accounting records for the last five years. The Company cautioned its shareholders and investors to rely upon official corporate information from the Company and its SEC filings and not on Internet message boards where personal opinions and other agendas are published.
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.
The Universal Bioenergy Inc. logo is available at
- 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