"The elimination of corporate debt by year end is our first strategic
initiative as it is imperative to increased profitability for our stockholders
in the months and years to come" commented
During the debt reduction over the past few weeks, the company issued the remaining shares of common stock authorized by the company's articles of incorporation. Universal Energy Corp. plans to help support its future growth by increasing the number of authorized shares and with cash generated from current operations. The Company will hold its annual meeting during the middle of next month to vote to amend the articles of incorporation. The company plans to file a preliminary proxy statement by the end of this week. As of the date of this announcement, there are 250,000,000 shares issued and outstanding in Universal Energy Corp.
Universal Energy Corp. is a publicly traded (OTC Bulletin Board: UVSE)
energy company engaged in the acquisition and development of crude oil and
natural gas leases in
Forward Looking Statements -- The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
CONTACT: Universal Energy Corp. Billy Raley, CEO, (800) 975-2076 braley@universalenergycorp.info
SOURCE Universal Energy Corp.