Universal Bioenergy in Contract Negotiations to Sell $324 Million in Coal to China
IRVINE, Calif., March 28, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, petroleum and coal, announced it is in contract negotiations with a Chinese company that buys coal and other natural resources for power plants and other companies for a large province in China. The Company intends to sell them a very high grade thermal steam coal for electric power production that also meets the more strict environmental specifications of China. The total estimated value of the transaction is $324 million over the next 36 months.
The Company is intending to sell an estimated 100,000 tons of high grade thermal steam coal per month for the next 36 months, for export to the company in China. The total estimated amount of coal to be delivered for the next 36 months is estimated at 3,600,000 tons at an estimated $90.00 per ton based on the negotiated price for shipment from a U.S. port.
Universal's President Vince M. Guest states, "We are very excited about this transaction. This transaction is projected to generate strong revenues and profits for the Company. We are in advanced contract negotiations with the customer for the final terms and conditions to export the coal to China. We anticipate shipping the coal to the customer in the next 30 to 60 days."
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.
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