IRVINE, Calif., Jan. 23, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCBB:UBRG), a publicly traded independent diversified energy company, announced that it is in the final stages of negotiations to acquire a major stake in Whitesburg Friday Branch Mine LLC.
On January 19 and 20, the executives of Universal Bioenergy Inc., and JLP and Partners LLC met in Charlotte, North Carolina and engaged in several high level meetings to negotiate the final terms and conditions of the definitive agreement to move toward closing the transaction. Whitesburg Friday Branch Mine LLC, a Kentucky Limited Liability Company, operates, mines and markets thermal coal in eastern Kentucky for sale to electric utilities for use in coal fired power plant electric generation.
On September 26, 2011, the Company announced that it had signed a Letter of Intent for the acquisition of a stake in the coal mine. On December 6, 2011, the Company announced that it had entered into an agreement whereby Universal would acquire a major stake in the interests and assets of Whitesburg from JLP & Partners LLC of Kentucky, with the closing subject to the final due diligence of Universal's acquisition team. The Company anticipates the acquisition of the assets in the mining operation should provide them with a significant return on their investment.
Universal's President Vince M. Guest states, "We're very excited about the Whitesburg acquisition. The discussions and negotiations with JLP and Partners went very well, and we are both moving forward very diligently to close this transaction very quickly. We believe this will help us build a strong profitable company for the long-term benefit of our shareholders."
The final terms and conditions of the acquisition are being negotiated, and will be determined in the definitive agreement. Execution of a definitive agreement is subject to satisfactory financing, confirming due diligence by Universal, standard regulatory approvals and other conditions and approvals by both companies' management and Board of Directors.
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
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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.