SOURCE: Universal Bioenergy Inc.
IRVINE, CA--(Marketwired - Apr 23, 2014) - Universal Bioenergy Inc. (OTCQB: UBRG), a publicly traded independent diversified energy company that markets and distributes natural gas, petroleum, coal and electricity, announced it has approved a plan to restructure its financials in an effort to improve its Balance Sheet, further reduce its debt, generate strong earnings and improve shareholder returns.
In April of 2012, the Management of Universal Bioenergy improved the Company's financials and improved its Balance Sheet by reducing its long-term debt by a total of $3,234,775 for the fiscal year ending June 30, 2013. This reduced the Company's long-term liabilities to $976,248 for the period ending June 30, 2013 as compared to $2,233,882 for the year ending June 30, 2012.
The Company plans to continue its aggressive drive to generate positive earnings by making further efforts to improve its financials, restructure its Balance Sheet and reducing its short-term debt and long-term liabilities.
Universal's Senior Vice President Solomon Ali states, "By reducing our debt by $3.2 million last year, it greatly improved our financials and our Balance Sheet. However, we are not done yet. Our goal is to continue in our pursuit to generate profits for the Company. Therefore, we will continue to work with our creditors to pay down and pay off many of the debt instruments that were created several years ago to finance the Company's initial growth and expansion. As a matter of fact, the Company has significantly reduced its reliance on borrowing from its creditors for the last 16 months. We believe these efforts should continue to improve our financial performance and position the Company to be profitable."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, 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
For inquiries contact: Media Relations: Solomon Ali at 704-837-5705
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.