Universal Bioenergy in Final Negotiations to Acquire Whitesburg Friday Branch Mine in Kentucky
[Click image to enlarge]
Universal Bioenergy is in the final stages of negotiations to acquire a major stake in Whitesburg Friday Branch Mine.
On January 19 and 20, the executives of Universal Bioenergy and JLP and Partners met in Charlotte, North Carolina and engaged in several high level meetings to negotiate the final terms and conditions of the definitive agreement to move toward closing the transaction. Whitesburg Friday Branch Mine, a Kentucky Limited Liability Company, operates, mines and markets thermal coal in eastern Kentucky for sale to electric utilities for use in coal fired power plant electric generation.
On September 26, 2011 the company announced that it had signed a Letter of Intent for the acquisition of a stake in the coal mine. On December 6, 2011 the company announced that it had entered into an agreement whereby Universal would acquire a major stake in the interests and assets of Whitesburg from JLP & Partners LLC of Kentucky, with the closing subject to the final due diligence of Universal’s acquisition team.
“We’re very excited about the Whitesburg acquisition. The discussions and negotiations with JLP and Partners went very well, and we are both moving forward very diligently to close this transaction very quickly. We believe this will help us build a strong profitable company for the long-term benefit of our shareholders,” said Universal’s President Vince M. Guest.
To stop by Universal Bioenergy’s website, CLICK HERE
