UGE Announces Q4 2020 Project and Corporate Updates
Toronto, Ontario--(Newsfile Corp. - January 13, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, is pleased to announce the following operational updates from the fourth quarter ended December 31, 2020.
UGE USA: Project Development and Deployment Accelerated Compared to Q4 2019
In Q4 2020, two of UGE USA's New York City projects reached commercial operation after commencing deployment earlier in the year. One of the projects, located in Queens, is UGE's third operational self-financed project in the US. The other project, located in Staten Island, was sold to a buyer.
UGE also began initial development for two additional projects in Staten Island, totaling 700kWdc, and secured a 750kW community solar project in Queens, which will utilize an innovative rooftop carport design. By quarter-end, UGE also commenced deployment for one project in New York City and another in Westchester, New York.
UGE's Maine development accelerated last quarter, as UGE completed site assessments for fifteen projects, some of which are already in our backlog while others are currently in pipeline, to make critical decisions about next steps for each project. In addition to signing another lease for a 5.4MW site, UGE's first Maine community solar project also reached commercial operation.
As a result, as of December 31, 2020, the Company now has its first three projects in operation in the USA, with a total rated capacity of 0.6MW, which is expected to grow significantly throughout 2021.
UGE Philippines: First Self-Financed Project Operational, Additional Projects Expected Online This Month
UGE Philippines brought the Company's first self-financed project to commercial operation in Q4, with the second scheduled to reach commercial operation this week. Additionally, UGE Philippines closed project financing on a project for a packaging company in Manila, which commenced deployment within the quarter.
UGEngineering: Multiple Engagements Completed Across Jurisdictions
UGEngineering finished 2020 by closing out projects and commencing new contracts. The team completed engineering packages for a ground mount project in Africa, submitted drawings for an 860kW project for the City of Toronto, delivered interconnection engineering work for a utility scale client in California, and started an engagement in Ontario for a 500kW net metering project. The business unit is positioned for productive and busy 2021. The business unit is not involved in the development, deployment, or financing of these projects.
UGE Corporate: Expanded Leadership Team, Improved Balance Sheet
UGE expanded its leadership group in Q4, appointing Marissa Lauder to Chief Financial Officer and promoting Tyler Adkins to Chief Revenue Officer.
In addition, as previously announced, the Company closed a CAD$1.6m private placement, received approximate proceeds of CAD$0.5m from the exercise of options and warrants, and received court approval for the wind down of the EPC services business.
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 400MW 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
This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time including assumptions concerning, among other things; future expected sales and development schedules, future revenue recognition, interest and foreign exchange rates, global and regional economic conditions, appliable tax laws, the availability qualified personnel or management, that there are no unforeseen events preventing the performance of contracts, that there are no unforeseen material development or other costs related to current growth projects or current operations; and that adequate funding remains available to carry out planned activities. 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 therefrom. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industry and geographic regions in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
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