IRVINE, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, in its plans for growth and expansion, announced that its subsidiary NDR Energy Group, received final approval for its "Power Marketing License" from the Federal Energy Regulatory Commission (FERC) in a move that positions the Company to engage in the buying and selling of wholesale and retail electricity. The sales of electricity are projected to generate an estimated $96 million to $384 million in additional revenue for the Company.
NDR Energy Group intends to market and distribute bulk wholesale and retail electric power to its current electric utility customer base, and its expanding customer base which will include federal and state agencies, the U.S. military, cities, municipalities and large commercial and industrial companies. NDR Energy will be able to offer integrated energy solutions that will assist its growing customer base to buy, manage and use electricity and natural gas.
The Federal Energy Regulatory Commission, or FERC, is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil. The Energy Policy Act of 2005 gave FERC additional responsibilities as outlined in FERC's Top Initiatives and updated Strategic Plan. As part of that responsibility, FERC also regulates the transmission and wholesale sales of electricity in interstate commerce.
Ken Harris, NDR Energy Group's President, stated: "As the CEO of NDR Energy Group, I am pleased to announce that, today, NDR was approved for its FERC license by the Federal Energy Regulatory Commission. The Commission today issued an Order finding that NDR meets the criteria as a Category1 power/electricity seller and designated NDR as a power/electricity seller in the United States. This is an absolutely huge development as it presents a fantastic new vertical for our company. In light of our existing contract with a power supplier and our current relationships with utilities and end-users, this is clearly a benchmark day for our company. We look forward to the significant growth of our power/electricity division and meeting the vigorous compliance requirements of the Federal Energy Regulatory Commission for years to come."
Vince M. Guest, Universal's President, states, "This is truly a historic moment in our Company's history. This is a game changer for the Company, as we formally launch our new commercial-industrial electric power division. This expansion of our business into electric power sales should generate greater revenues, improved margins and profits, and position us to create one of the largest independent diversified energy companies in the U.S."
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.
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Source:Universal Bioenergy Inc.