UGE Announces Proposed Debt to Equity Conversion
NEW YORK, NY-- (Jan 5, 2016) - UGE International Ltd. (the "Company" or "UGE") (www.ugei.com) (TSX VENTURE: UG) (OTCQB: UGEIF) announced today that the Company will undertake a plan to exchange approximately $1,363,278 Canadian dollars of certain existing related party debt for up to 1,585,207 common shares of the company.
The agreement to convert the debt was reached on December 29, 2015. The conversion price of the shares is $0.86 and the Company expects to close on or about February 6, 2016.
Completion of the debt to equity exchange is subject to the approval of the TSX Venture Exchange. All of the securities issuable in connection with the transaction will be subject to a hold period ending four months and one day after the closing date.
"Our growth in 2015 was dramatic, as we roughly doubled both our revenue and confirmed sales orders," said Nick Blitterswyk, CEO of UGE. "As we continue to accelerate, we expect this transaction to be an important step to strengthen our balance sheet ahead of a strong 2016. Our creditors see strong future growth in UGE, and this debt to equity conversion shows their long term investment in UGE."
UGE is a leading full service renewable energy provider for commercial and industrial clients, with over 2,000 installations in more than 100 countries. Leveraging project financing and its proprietary technology platform, UGE deploys solar and microgrid energy solutions to reduce energy costs and increase resiliency, while making the world more sustainable.
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.
Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy generally, regulatory approvals, participation in the Offering, competition in UGE's target markets, the demand for UGE's products, and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE's expectations and projections.