IRVINE, Calif., Dec. 13, 2010 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a publicly traded alternative energy company, announced it has signed an agreement with Amerisource Funding of Houston, Texas for Amerisource to provide it with an aggregate $36 million dollar annual revolving funding line, for its future growth and expansion. The agreement will provide the Company and NDR Energy with working capital and accounts receivable financing for an indefinite term, and has provisions for increasing the funding line as the Company grows.
Amerisource Funding is a market leader in providing working capital and accounts receivable management solutions to small and middle market businesses. Founded in 1984, Amerisource has financed over $1 billion of funding for thousands of companies in virtually every U.S. State and Canada, and has provided small and middle market businesses with financing solutions and outsourced management of accounts receivable, credit and collection functions, all of which are vital to the success of any business.
Universal's Vice President Solomon Ali states, "This a monumental step for us, as we grow and expand our business. We're very excited to have closed this major funding agreement with Amerisource, especially in the midst of a major recession, and the difficulties in raising capital in this environment. Lynn Collins, Amerisource's Regional Market Manager, and her team, expressed great confidence in us, and analyzed our business needs, our solid customer base, our great potential for growth, and provided us with the funding we needed to meet our goals for expansion. This will help us purchase more natural gas, and significantly increase the sales revenues from the contracts that we have with our 22 major utility customers nationwide. This is more great news for our shareholders, as we move the Company toward long-term profitability".
About Universal Bioenergy
Universal Bioenergy Inc. is an alternative energy company, that markets natural gas and green alternative energy, and is expanding into solar, biofuels, wind, synthetic fuels and related clean energy technology products. It plans to build the company into a prominent player in alternative energy.
The Universal Bioenergy Inc. logo is available at
- 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.
CONTACT: Universal Bioenergy Inc. Media Services Nicole Singletary 888-263-2009
