CHARLOTTE, N.C., April 21, 2010 (GLOBE NEWSWIRE) -- NDR Energy Group LLC, an energy/fuel marketer, announced today that it has signed a definitive agreement and closed the transaction with Universal Bioenergy Inc., (Pink Sheets:UBRG). Universal, a publicly traded company, has acquired a 49% stake in NDR Energy. NDR Energy projects an estimated $1 billion in sales in the next 12 months, based on contracts with 22 major utilities.
NDR Energy has firm contracts signed with 22 major utility companies throughout the United States. These include agreements with Southern California Gas Company, Pacific Gas & Electric (PG&E), Baltimore Gas & Electric, NICOR, Michigan Consolidated Gas (MICHCON), and National Grid, the largest power producer in New York State. It is currently pursuing and negotiating contracts with 14 additional major utility companies and suppliers.
"We feel very positive about the deal. This is really a great day for us. After 6 months of negotiations, we finally achieved our objective. The management of NDR believes we could sell up to a projected $1 billion in sales of natural gas in the next twelve months, and generate an estimated $30 million in profit. NDR Energy intends to expand, in concert with Universal, into biofuels, solar energy, alternative fuels, commercial energy efficiency conversion projects, and retrofits. This deal should provide Universal with substantial distribution channels for marketing biofuels, alternative fuels, solar energy, and green energy efficiency products to these and other new customers," says NDR Energy's CEO, Gina Roy.
About the Company
NDR Energy Group is an energy marketing and services company. Its core business is the marketing and sale of natural gas to a diverse group of clients in the continental U.S. NDR provides energy management services to assist its clients in finding efficient and economic solutions to reducing dependency on foreign energy supply, and reducing their energy cost. NDR supplies other energy products and solutions, including propane (HD-5), energy efficient lighting systems, and sustainable, alternative and renewable energy solutions to reduce our clients' carbon footprint.
There are matters discussed in this media information that are forward looking statements. These statements relate to future events or future economic performance and reflect current performance and expectations of management. Certain unknown factors may affect the events, economic performance and results described herein. Such statements are only forecasts and actual events or results may differ materially from those discussed. 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 as required by applicable law.