Universal Bioenergy Announces It Considers Plans for Major Stock Buy Back of 566 Million Shares of Its Common Stock
24 April 2014 - 2:15AM
Marketwired
Universal Bioenergy Announces It Considers Plans for Major Stock
Buy Back of 566 Million Shares of Its Common Stock
IRVINE, CA--(Marketwired - Apr 23, 2014) - Universal Bioenergy
Inc., (OTCQB: UBRG), a publicly traded independent diversified
energy company that markets and distributes natural gas, petroleum,
coal and electricity, announced it is considering making major
repurchases and buy backs of its outstanding shares common stock.
The Company is considering re-purchasing up to 20% or 566 million
shares of its 2,833,340,081 outstanding shares of common stock.
The Company believes one of the best uses of its financial
resources is to re-purchase its own stock. This signifies the high
level of confidence the Company has in its long-term growth
potential, and gives it the opportunity to take advantage of the
current low stock price in the market.
On August 14, 2013, the Company announced that it had completed
the repurchase of 300,000,000 of its outstanding shares of common
stock in a privately negotiated transaction. All of the 300,000,000
shares were cancelled and returned to the Corporations treasury.
The 300 million shares repurchased represented 12% of the Company's
outstanding shares of common stock at that time.
Universal's Senior Vice President Solomon Ali says, "We believe
our stock is currently undervalued compared to our revenues and
assets. Our current position and future outlook puts us in a
position to buy back shares of our common stock that presently
trade at a very low market price. The message we want to send to
our shareholders and stakeholders is that we feel good about our
future goals for growth and expansion. The best investment we can
make, is an investment in our own Company. We feel that by
investing in our own Company, this would be a good investment not
only by reducing the number of outstanding shares, but also
providing great value to our shareholders."
Shares of the Company's common stock may be purchased from time
to time on the open market and in privately negotiated
transactions. With Board approval, 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. Any open market purchases will be
conducted in accordance with the limitations set forth in Rule
10b-18 of the Securities and Exchange Commission and other
applicable legal requirements.
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
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.
For inquiries contact: Media Relations: Solomon Ali
704-837-5705