Universal Bioenergy makes nearly $50 million in revenue

Universal Bioenergy says it generated revenues of nearly $50 million (€37 million) for the first three quarters of this year, an increase of more than $7 million made on the same time last year.

The company increased its total operating expenses for the three months ending on September 30 2010 by 7.5% to more than $576,000 for the same period in 2011.

The company’s assets have also risen by 1% when compared to the same period last year and the company’s president, Vince Guest, says: ‘We are very pleased and excited about the continued double digit revenue growth the company is experiencing.’

‘Our revenues for the nine month period of 2011 increased 145% over our revenues for September of 2010, and we look forward to a strong finish this year. Very few companies in any industry are growing at that kind of accelerated rate.’

Universal currently has contracts with more than 25 electricity companies throughout the US and is increasing its customer base in the natural gas, propane and oil sectors.

‘We are working on a number of other strategic plans and proposals that we feel will be of great interest to, and will bring more value to our shareholders. We believe these future plans should provide us with greater access to the capital markets and help position the company for long-term growth and profitability. We will providing more details on these plans in the near future,’ Guest adds.