Universal Bioenergy Announces it Has Signed an Agreement for the Acquisition of Roblex
GlobeNewswire “Press Releases “
IRVINE, Calf., Oct. 25, 2010 (GLOBE NEWSWIRE) — Universal Bioenergy Inc. (Pink Sheets:UBRG), an alternative energy company, announced today that it is has signed a definitive agreementfor the acquisition of Roblex Aviation Inc. , for a purchase price of $10.4 million , as part of its continuing plans for growth, and to generate new revenue streams.The Company is also planning more acquisitions and projects in the green technology industry. Formal notification of the transaction has been filed with theSecurities and Exchange Commission.
Universal’s President, Vince Guest states, “We’re very excited about signing the agreement for the acquisition of Roblex, after seven months of intense negotiations. Roblex is a 13 year old,profitable company, and has a solid industry reputation.The acquisition of Roblex will allow us to ship green energy technology productsto the Caribbean region, potentially double its size,and create more jobs.We’re continuing our quest to grow a strong company, as can be seen from our sales of $13.9 million in the second quarter. We began a strategy this year to acquire new companies, extend our geographic reach, and optimize our shareholders value. We feel thisshould take us to a whole new level, and have a very positive impact on our company.”
“This is really great news for our shareholders. This represents another major milestone for Universal’s future. First we acquired NDR Energy Group in April ofthis year, and now we’re acquiring Roblex, as part of our strategy to grow by mergers and acquisitions. We believe, but cannot guarantee, our acquisition of Roblex, with its 42 employees, coupled with our new plans for its expansion, should generate millions of dollars in additional revenue and more profit for Universal annually. After reviewing a number of strategic targets,we feel this acquisition is in the best interests of our shareholders, in terms of greater revenues, profits, assets, and increased marketvalue of our company. We know ourshareholders want a good return, and we believe this will significantly increase the value of their investment”, says Universal’s Sr. V.P., Solomon Ali .