DGAP-News: Universal Bioenergy's NDR Energy Group Announces Approval of FERC License in Major Move to Market Electric Power - Projects Sales of $96 Million to $384 Million
(firmenpresse) - Universal Bioenergy Inc.
13.02.2013 08:00
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IRVINE, Calif., 2013-02-13 08:00 CET (GLOBE NEWSWIRE) --
Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent
diversified energy company, in its plans for growth and expansion, announced
that its subsidiary NDR Energy Group, received final approval for its 'Power
Marketing License' from the Federal Energy Regulatory Commission (FERC) in a
move that positions the Company to engage in the buying and selling of
wholesale and retail electricity. The sales of electricity is projected to
generate an estimated $96 million to $384 million in additional revenue for the
Company.
NDR Energy Group intends to market and distribute bulk wholesale and retail
electric power to its current electric utility customer base, and its expanding
customer base which will include federal and state agencies, the U.S. military,
cities, municipalities and large commercial and industrial companies. NDR
Energy will be able to offer integrated energy solutions that will assist its
growing customer base to buy, manage and use electricity and natural gas.
The Federal Energy Regulatory Commission, or FERC, is an independent agency
that regulates the interstate transmission of electricity, natural gas, and
oil. The Energy Policy Act of 2005 gave FERC additional responsibilities as
outlined in FERC's Top Initiatives and updated Strategic Plan. As part of that
responsibility, FERC also regulates the transmission and wholesale sales of
electricity in interstate commerce.
Ken Harris, NDR Energy Group's President stated: 'As the CEO of NDR Energy
Group, I am pleased to announce that, today, NDR was approved for its FERC
license by the Federal Energy Regulatory Commission. The Commission today
issued an Order finding that NDR meets the criteria as a Category1
power/electricity seller and designated NDR as a power/electricity seller in
the United States. This is an absolutely huge development as it presents a
fantastic new vertical for our company. In light of our existing contract with
a power supplier and our current relationships with utilities and end-users,
this is clearly a benchmark day for our company. We look forward to the
significant growth of our power/electricity division and meeting the vigorous
compliance requirements of the Federal Energy Regulatory Commission for years
to come.'
Vince M. Guest, Universal's President states, 'This is truly a historic moment
in our Company's history. This is a game changer for the Company, as we
formally launch our new commercial-industrial electric power division. This
expansion of our business into electric power sales should generate greater
revenues, improved margins and profits, and position us to create one of the
largest independent diversified energy companies in the U.S.'
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
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: Media Relations:
Solomon Ali
704-837-5705
News Source: NASDAQ OMX
13.02.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Universal Bioenergy Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US91337M1045
WKN:
End of Announcement DGAP News-Service
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