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IRVINE, Calif., Jan. 8, 2013 (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 it started preliminary discussions with several companies that have expressed an interest in acquiring an operating interest, or acquiring a significant equity stake in the Company.
The interest has come from companies that include the Company's creditors, investors and other firms. The Company has entertained preliminary discussions with these firms to determine the validity of the offers and the strength of the companies expressing an interest in a potential acquisition, or acquiring an operating interest in the Company.
Universal recently announced plans for 2013 to improve its financial performance, grow faster by more mergers and acquisitions, and to generate strong profits for the Company. Universal through NDR Energy Group, its subsidiary markets and distributes natural gas to 30 of the largest public utilities, electric power producers and local gas distribution companies that serve millions of commercial, industrial and residential customers throughout the country.
Universal's President Vince M. Guest says, "The Company has achieved some major growth in the last three years, and this has generated more interest from firms who see the potential growth in Universal's future. We are reviewing these inquiries to ascertain the nature of the interest and to determine the real level of strength of these offers. In the event we determine that an offer is serious and would benefit the Company, we would engage in more serious discussions, sign a Letter of Intent or Term Sheet from the offeror, and begin our preliminary due diligence prior to signing a definitive agreement. Some of the factors we will consider are the financial strength of the company making the offer, obtaining the best price for any acquisition or buyout, the potential financial benefit to our shareholders and the synergies of the acquiring company."