Universal Energy Group Ltd. TSX : UEG

June 22, 2009 16:14 ET

Universal Energy Group Announces Shareholder Approval of Plan of Arrangement

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Universal Energy Group Ltd. ("Universal Energy Group") (TSX:UEG) today announced that its shareholders approved the previously announced plan of arrangement pursuant to which Just Energy Income Fund ("Just Energy") (formerly Energy Savings Income Fund) proposes to indirectly acquire all of the outstanding common shares of Universal Energy Group. The approval was received at a special meeting of shareholders held earlier today with more than 99% of the votes cast in favour of the arrangement.

Closing of the transaction remains subject to certain conditions including court approval, and is currently scheduled to be completed on or around July 1, 2009.

Mark Silver, CEO of Universal Energy Group stated, "We are pleased that our shareholders voted in support of the combination of Universal Energy Group and Just Energy. Through increased growth opportunities and operating synergies the combined company will be better positioned to enhance shareholder value."

Universal Energy Group's common shares and convertible subordinated debentures are listed on the Toronto Stock Exchange under the symbol "UEG" and "UEG.DB", respectively. Universal Energy Group sells natural gas and electricity to residential, small to mid-size commercial and small industrial customers in Canada and the United States, sells long-term water heater rental programs to Ontario residential customers and operates an ethanol manufacturing facility in Belle Plaine, Saskatchewan. Additional information about Universal Energy Group is available on SEDAR (www.sedar.com).