DGAP-News: Universal Bioenergy Announces New Buy Back of Shares - Repurchases 300 Million Shares of Stock
(firmenpresse) - Universal Bioenergy Inc.
21.08.2013 08:00
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IRVINE, Calif., 2013-08-21 08:00 CEST (GLOBE NEWSWIRE) --
Universal Bioenergy Inc., (OTCQB:UBRG), a publicly traded independent
diversified energy company, that markets and distributes natural gas,
electricity, petroleum and coal, announced that it completed the repurchase of
300,000,000 shares of its common stock.
The repurchase of the 300,000,000 shares was approved by the Board of
Directors, and was completed in a privately negotiated transaction. All
300,000,000 shares were subsequently cancelled and returned to the Corporations
treasury. The 300 million shares represented 12% of the Company's 2,538,903,268
outstanding shares of common stock, as indicated in its most recent Form 10-Q
Report.
Universal Bioenergy's Senior Vice President, Solomon Ali states, 'The
repurchase of the 300 million shares of our stock is one of the best uses of
our resources. It also demonstrates our strong confidence in the long-term
growth prospects of the Company, and our commitment to return value to our
shareholders. We believe the best investment we can make, is an investment in
our own Company.'
Shares of the Company's common stock may be purchased from time to time on the
open market and in privately negotiated transactions. The timing and amount of
any shares repurchased will be determined based on the Company's evaluation of
market conditions and other factors. Repurchases will be made in compliance
with all SEC rules and other legal requirements and may be made in part under a
Rule 10b5-1 plan, which permits stock repurchases when the Company might
otherwise be precluded from doing so.
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent
diversified energy company that produces and markets natural gas, electricity,
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
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
21.08.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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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Unternehmensinformation / Kurzprofil:
Datum: 21.08.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 289571
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Kategorie:
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