Toronto, Ontario--(Newsfile Corp. - December 7, 2018) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in renewable energy solutions for the commercial and industrial sector, is pleased to announce it is working on several corporate initiatives as it looks to rebound and achieve stronger results in 2019.
The initiatives include:
• Identifying additions to its board of directors that can best support the Company going forward;
• Forming a shareholder advisory group, which will actively support the company in identifying new board members as well as providing feedback and guidance on the Company's strategy; and
• Updating its strategic plan and corporate branding, as it completes its shift from the majority of its revenue coming from EPC (Engineer, Procure, Construct) services, to one primarily focused on developing, deploying, and owning its projects.
The Company would also like to bring attention to several recent achievements aimed to position it for a strong 2019:
• A number of new customer wins in high growth US and international markets, including the Company's first financed projects in the Philippines;
• Reduction of overhead expenses in less profitable and lower growth markets, which were estimated at 30% on an annualized basis as of our September 30, 2018 financials, compared with beginning of year numbers;
• Exploring opportunities that exist in the cannabis sector; and
• The issuance of the Company's first green bond, which helps position UGE to own its self-developed projects for the first time.
"We are excited about the high growth our sector is experiencing, and is poised to experience in the coming years," stated Nick Blitterswyk, CEO of UGE. "We look forward to executing on these initiatives, among others, in the coming weeks and into early 2019, as we build our business in the high growth solar industry."
About UGE International Ltd.
UGE delivers immediate savings to businesses through its low cost solar energy solutions. UGE helps commercial and industrial clients become more competitive by providing distributed renewable energy solutions at no upfront cost, thus generating long-term economic and environmental returns. With over 375 MW of global experience and over 630 projects completed, UGE works daily to power a more sustainable world. Visit us at www.ugei.com.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information that involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such assumptions, risks and uncertainties include, without limitation, those associated with, loss of markets, expected sales, future revenue recognition, currency fluctuations, the effect of global and regional economic conditions, industry conditions, changes in laws and regulations, and changes in how they are interpreted and enforced, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company's products, and availability of funding. The Company's performance could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if they do so, what benefits the Company will derive there from. The forward-looking information is made as of the date of this press release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Actual events or results could differ materially from the Company's expectations and projections.