IRVINE , Calif., July 28, 2010 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), an alternative energy company, announced today that it is has signed a Letter of Intent to acquire Norcor Technologies Corporation, an energy, technology and facilities services company, headquartered in Charlotte, North Carolina.
Norcor Technologies, provides a broad range of products and services which are primarily for use in the Health Care industry, Military Facilities, and the U.S. Department of Transportation. Its primary focus is selling biodiesel, transportation fuels, energy services and facility energy efficiency retrofits. Norcor's management states that they are in discussions with the U.S. Military for a contract to provide several of their bases with approximately $49,000,000 in biodiesel and transportation fuels, over the next one to three years. They are also evaluating the building of a new biodiesel fuel blending facility, and a solar energy plant in the U.S.
Universal's Sr. V.P., Solomon Ali states, "We're very excited about the potential venture with Norcor Technologies. We believe this will allow us to market biofuels, transportation fuels and energy services, to Norcor's customer base and marketing channels. This acquisition, if completed, should integrate very well with our strategy for growth and expansion. We're building quickly on the foundation we started earlier this year, to push Universal toward our goal of creating solid revenues and profitability in 2010."
The final terms and conditions of the acquisition are being negotiated, and will be determined in the definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Universal, standard regulatory approvals, and other conditions and approvals by both companies' management and board of directors.
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.
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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.