UGE Names Marissa Lauder CFO and Promotes Tyler Adkins to CRO

Toronto, Ontario--(Newsfile Corp. - December 3, 2020) -  UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has grown its executive team through the addition of Marissa Lauder as Chief Financial Officer and the promotion of Tyler Adkins to Chief Revenue Officer.

Marissa brings more than 20 years of experience to UGE, with an emphasis on high-growth, publicly-traded companies. Marissa most recently served as the CFO of Street Capital Group; she is also a board member and the Chair of the Audit Committee of a TSXV listed Company. Marissa is a CA, CPA and holder of the ICD.D.

"For many years I have shared UGE's vision of expanding access to solar and making it a significant form of power generation," said Ms. Lauder. "My initial meetings with UGE's Directors, management, and employees revealed a company with purpose, strategy, and passion. Having worked with highly entrepreneurial businesses in the past, and leveraging the dedication and skills of UGE's team, I am confident that I can help develop and execute plans to drive consistent and sustainable growth, in order to help UGE successfully navigate the next stage in its growth."

The Company would like to thank Paul Kania for serving in the role of part-time CFO since early 2018, a tenure which saw UGE focus its approach before growing significantly through its develop/build/finance model.

Simultaneously, the Company has promoted Tyler Adkins to a new role of Chief Revenue Officer, in which he will be responsible for driving growth in UGE's project development-focused business units. Since joining the Company in 2013, Tyler has led the creation of UGE Philippines, living in the country from 2015 through 2017, before growing the Company's New England market, which has been a significant driver of growth in UGE's backlog this year.

"After a blockbuster year of growth, UGE's outlook for 2021 is brighter than ever. Our dual priorities of maintaining momentum in backlog growth and converting existing commitments into operational, revenue producing assets will pay dividends for decades," said Mr. Adkins. "Our team is hard at work every day, building a strong business on the front lines of the clean energy revolution."

Both roles are effective December 1, 2020 and report to UGE's CEO, Nick Blitterswyk.

"2020 has been a truly transformational year for UGE, as we saw our project backlog grow from US$30 million to over US$112 million through the first nine months, despite challenges presented by the COVID-19 pandemic," said Mr. Blitterswyk. "As we approach 2021, we see the market for commercial and community solar systems expanding at an accelerating rate, and our expectations for ourselves have only increased. This will introduce new opportunities and challenges as we scale our financial model. We expect Marissa and Tyler to be instrumental in achieving our growth targets in 2021 and beyond."

Grant of Options

The Company has also issued 100,000 options to Marissa Lauder in relation to her appointment as CFO. The five year options have a strike price of $1.80, the five day VWAP on the day the grant was approved by the board of directors.

About UGE

UGE develops, owns, and operates community and commercial solar projects in the US and in strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and residents with no upfront cost. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

Contact:
investors@ugei.com
917-720-5685

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69411

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