Universal Bioenergy Announces NDR Energy Group Secures A New $10 Million Funding Line With Major West Coast Gas Supplier
IRVINE, Calif., Sept. 25, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, propane, and produces petroleum and coal, announced that its subsidiary, NDR Energy Group, received a $10 million funding line commitment with a major natural gas supplier on the west coast. The total aggregate value of the line is $120 million annually. This funding or trade credit line with this supplier will give NDR Energy Group strategic access to purchase major supplies of natural gas for its electric utility customer's on the west coast.
The gas supplier focuses on supply aggregation, transacts with producers, industrial and commercial end-use customers, electric generators, gas distribution utilities and wholesale customers in natural gas, electric power and related energy businesses. This contract allows NDR Energy to conduct business with a knowledgeable and financially strong company managed by professionals with hands-on experience in the industry. The supplier's parent company, headquartered in Tokyo, Japan, reported revenues of over $6.44 billion in its 2011 Annual Report, and has offices in 73 countries around the world, with offices in 10 major U.S. cities and throughout the American hemisphere. It is actively involved in projects for oil and natural gas development as well as long-term projects for LNG. It also has production in the North Sea, Indonesia, the Middle East and the United States and is working to acquire further production and exploration interests in Asia and Oceania.
Universal's President Vince M. Guest said, "We are very excited about obtaining this new $10 million trade credit funding line, and to work with one of the premier suppliers in the natural gas industry. This could potentially allow us to increase our sales of natural gas alone to over $240 million annually, to our growing electric utility customer base. This is a another major step for the Company, as we diversify our business model to include greater sales of natural gas for electric power generation, term transactions, gas storage and gas trading. We believe it should also give us greater economies of scale in purchasing our gas supplies, increase our gross margins and profitability. This is a great testament to the hard work, negotiating skills and persistent efforts of NDR Energy Group's, President, Ken Harris and his executive team. The agreement limits Universal and NDR Energy from disclosing the customer's name and certain details of the transaction."
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