UGE Announces Entry into Voluntary Share Lock-Up Agreement with Key Shareholders Representing 45% of Shares Outstanding
Toronto, Ontario--(Newsfile Corp. - June 10, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in solar solutions for the commercial and industrial sector, is pleased to announce that it has entered into voluntary lock-up agreements with the following shareholders, representing 45% of shares outstanding.
The individuals include UGE's CEO, Nick Blitterswyk, co-founders Xiangrong Xie and Yun Liu, and the general manager of UGE's former wind subsidiary, Junfei Liu, and represent substantially all of the shareholder interest owned or controlled by the individuals. In total, 34,948,109 shares have entered a voluntary lock-up for a period of three years.
"Together we wanted to show our significant, long-term commitment to the future of UGE," said Nick Blitterswyk, CEO of UGE. "2018 saw the Company overcome significant headwinds in the Ontario market, while positioning UGE for greater overall success in our other, faster growing markets. We strongly believe that right now is a great time to be invested in the future of UGE."
The effective date of the four agreements is June 4, 2019 and they are effective through June 3, 2022.
UGE is also pleased to announce it has received approval to convert debt to shares in the amount of CAD$83,344.73. The seven balances were converted at a price of CAD$0.15 per share resulting in the issuance of 555,632 common shares.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 375 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
+1 917 720 5685
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