Universal Bioenergy Announces the DTC Lifts the Chill on Its Stock and Resumes Full Electronic Trading
Company to Move Forward to Improve Stock Price, Acquisitions and Up-List to NASDAQ GlobeNewswire
IRVINE, Calif., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, announced today that the Depository Trust Company (DTC), has lifted the "Deposit Chill" on the Company's stock, and it has resumed accepting deposits of the stock for book entry transfer services. All deposit restrictions have been removed, and the Company is now once again fully "DTC Eligible", and has resumed full electronic trading of the Company's common stock.
The DTC requested that Universal demonstrate that the sale and transfer of certain shares of its common stock, were made pursuant to an effective registration statement under the Securities Act, or the shares did not require registration thereunder. Universal's independent legal counsel provided full documentation to the DTC, to the effect that the shares were freely tradable without restriction under the securities laws.
The DTC's removal of the Chill, now allows all shareholders with online brokerage accounts with firms such as Scottrade, ETRADE, TD Ameritrade, and all other full service brokerage firms to purchase, sell and execute their trades in Universal's stock in the standard electronic trading process. This should also increase the trading volume, liquidity, and create a broader distribution of the Company's stock over a greater number of shareholders, stockbrokers and Market Makers in the investment community.
Vince M. Guest, Universal's President states, "We are very excited about the approval to lift the Deposit Chill by the DTC. The full restoration of our DTC Eligibility, and electronic trading, is truly a great day for all of Universal's shareholders, stakeholders, creditors and investors. This was a great accomplishment by our management, who has been persistent in working with the DTC to lift the Chill since it was imposed on July 22, 2012. We certainly want to express great thanks and gratitude to our legal team headed by David E. Wise Esq., who spent an enormous amount of time, insight and effort in working with the DTC's legal counsel in obtaining the approval from the DTC to remove the Chill. We believe the removal of the DTC Chill should have a very positive effect on our stock price, increase shareholder wealth, improve the liquidity of our stock, improve our ability to raise capital on favorable terms, increase our market capital value, and the amount of shareholders who want to purchase our stock."
"We believe, that due to the negative impacts of the DTC Chill, our stock is greatly undervalued, and does not reflect the true value of the Company. Although many had doubts, management made promises to use every effort to gain approval to remove the Chill, and we were successful. This is a real game changer for our shareholders. We have a good solid Company, with strong revenues, and our next major goals are to increase our stock price, complete several more strategic acquisitions, drive the company toward profitability, and work toward our up-listing to NASDAQ or Amex/Equities. We have more good news forthcoming on these issues shortly, now that the Chill is lifted", says Solomon Ali, Universal's Senior Vice President.
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