Universal Capital Enters Into Memorandum Of Understanding To Purchase Stake In Nitrogen Fertilizer Project
WILMINGTON, Del., Aug. 22, 2012 /PRNewswire/ -- Universal Capital Management, Inc. (OTCQB: UCMT), announced today that it had signed a Memorandum of Understanding (MOU) to purchase up to 43% of NB Regeneration, Inc., subject to the terms of a definitive purchase agreement. NB Regeneration is in the process of developing a nitrogen fertilizer facility to be located in the Republic of Panama that will be capable of producing up to 4,000 MT of granulated urea daily. Urea is the world's most produced chemical with more than 160 million MT being produced annually in approximately a $75 billion annual industry. Currently, more than 40% of all food grown globally is fertilized using urea, and demand industry studies forecast increased demand for the foreseeable future.
"We are excited to be involved in this world-class project," stated Michael Queen, CEO of Universal Capital Management. "Industry forecasts project continued 5-6% annual growth in demand for urea, and with excellent margins, this is an industry that presents tremendous opportunity for our company."
About Universal Capital Management, Inc. Universal Capital Management has been actively involved in direct response management and marketing services that it provides to its clients or its specifically owned businesses. The Company provides management services and assists and enables entrepreneurs to introduce products to the consumer, wholesale, retail, or global markets.
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SOURCE Universal Capital Management, Inc.