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IRVINE, Calif., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, propane, and produces coal, announced today that it is planning to expand its Board of Directors in its efforts to meet the qualifications to up-list to NASDAQ or another major stock exchange.
Universal Bioenergy stated that it plans to expand its Board to up to 5 to 7 members. The Company is reviewing documentation on several strong potential candidates from its securities law firm that it engaged to assist them with the up-list to NASDAQ. The Company is also working with several executive search firms to assist it in its efforts to identify candidates.
The Company is taking this action to expand the board to gain additional strength from the knowledge, experience and business networks of those persons, to help the Company grow, and identify energy industry trends and emerging markets for the Company to capitalize on. The Company intends to add members to its Board with strong backgrounds and experience in the energy industry, corporate finance, and investment banking. The new board members with also help develop the Company's long-term strategic plan for growth, working with investment bankers to raise additional capital, and the identification of mergers and acquisitions targets.
Universal's President Vince M. Guest states, "We are very excited about our plans to expand our Board of Directors. We have made a long term commitment to grow the Company, and although we cannot guarantee it, we believe this will help us to position the Company in its efforts to up-list to NASDAQ or another major exchange. These actions to expand the board with strong qualified persons, will help lead the Company forward and build upon what we already have done, and help us build a stronger and more profitable Company. We believe an expanded board will bring the additional resources to help us to achieve our goals and bring additional value to our shareholders."