UGE International Announces AGM Results

 

September 8, 2015 -- Toronto, Ontario – UGE International Ltd. (the “Company” or “UGE”) (www.ugei.com) (TSX-V: UG) (OTCQB: UGEIF) announced today that its shareholders voted in favor of all items of business brought before them at the Company's Annual General Meeting (the "AGM") held on September 4, 2015, in Toronto, ON.

At the AGM, shareholders voted in favor of increasing the number of directors from five to seven, adding notable new board members Peter Davidson, Nicholas Parker and Michael Doolan, subject to final acceptance by the TSX-V.

Peter Davidson was appointed by President Obama in May 2013 to serve as the Executive Director of the Loan Programs Office at the U.S. Department of Energy, a role he held until July of this year. Mr. Davidson previously held roles of Senior Advisor for Energy and Economic Development at the Port Authority of New York and New Jersey and Executive Director of New York State’s economic development agency, the Empire State Development Corporation.

Nicholas Parker is the Founding Managing Partner of Global Acceleration Partners Inc. (“GAP”). GAP aims to address global megatrends shaping basic needs for clean energy, food, water and smart infrastructure by accelerating cross-border deployment of technologies and business models into emerging economies, particularly China. Previously, Mr. Parker launched The Cleantech Group in 2002, a market-leading research and advisory company, and has over 15 years’ experience forming and investing in funds worldwide.

Michael Doolan is currently Executive Vice President and CFO of Molycorp Inc. Previously, Mr. Doolan served as Chief Financial Officer and Senior Vice President of Falconbridge Limited, prior to its merger with Noranda, Inc. Mr. Doolan has over 30 years of financial management experience, with specific expertise in international mergers and acquisitions, offshore financing structures, and international treasury management. 

In addition, shareholders voted to welcome Yang Baoxin to the board of directors. Mr. Baoxin is the Chairman of Castel Qihua Hi-Tech Investments Ltd., a subsidiary of China Energine International, a strategic investor in UGE. 

Shareholders also voted in favor of returning board members Nicolas Blitterswyk, Xiangrong Xie, and Crescent Varrone, reappointed KPMG LLP as the auditor of the Company, and re-approved the Company's stock option plan. Finally, shareholders approved certain amendments to the Company’s by-laws to match the requirements of the Business Corporations Act (Ontario), to require that at least 25% of the directors shall be resident Canadians, as more particularly described in the Information Circular dated July 31, 2015.

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, competition in its 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.