Universal Bioenergy Plans to Engage Wall Street Investment Banking Firm and Plans Move to NASDAQ
IRVINE, Calif., Jan 24, 2012 (GlobeNewswire via COMTEX) -- Universal Bioenergy Inc., UBRG -14.89% , a publicly traded independent diversified energy company, announced that it has completed its trip to New York City and plans to engage a Wall Street investment banking firm to assist with its plans to move to NASDAQ.
Executives from Universal Bioenergy and NDR Energy Group met with several investment banks and private equity firms for three days from January 16th through the 18th for strategic meetings to assist the company in its growth and expansion. The meetings with the investment banks focused on them to provide advisory and consulting services to the Company for potentially up-listing to NASDAQ, strategies to increase their stock price to $4.00 or above to qualify for NASDAQ, improving their capital structure, increase the market value and a secondary public offering to raise $50 million in capital for expansion and acquisitions.
Universal's Senior Vice President Solomon Ali states, "We feel very excited about the trip we had to New York last week and the meetings we had with the investment banks and private equity firms. The meetings were very intensive and yielded some very positive results. The Company has already received proposals and agreements from several of the investment banks and advisory firms we met with. They like the energy industry, the opportunity of working with Universal, and that we are projecting $70 to $80 million in revenue for 2011 and could potentially double that in 2012. We are also working very diligently on achieving profitability this year. The Company's Board of Directors will be meeting with its securities attorneys and other professional consultants to determine which investment bank or advisory firm we will engage under a formal agreement. After we sign an agreement with one of the investment banks we will make a formal announcement to our shareholders and the public. Although we cannot guarantee it, the move to NASDAQ would be a major step in the Company's history, its future growth and in our effort to make the Company more attractive to institutional investors. We feel this will be of great benefit and value to increase the value to our shareholders."
http://www.marketwatch.com/story/universal-bioenergy-plans-to-engage-wall-street-investment-banking-firm-and-plans-move-to-nasdaq-2012-01-24
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