UGE Leverages Engineering Expertise to Help New Markets Transition to Solar Energy
TORONTO, ONTARIO - (June 14, 2018) - UGE International Ltd. (“UGE”) (TSX VENTURE:UGE), a global leader in solar energy solutions for the commercial and industrial sector, is proud to announce that it has been contracted to provide engineering services on two independent solar portfolios totaling 1.85MW.
One portfolio, located across eight properties in Nigeria, includes ground-mounted, rooftop, and container-mounted solar systems, primarily for schools and hospitals. This marks the company’s first time doing business in this country. UGE primarily serves Canada, the USA, and the Philippines, however the company is able to extend its reach by offering engineering services as a global business line.
UGE’s multidisciplinary engineering team is comprised of NABCEP certified engineers and licensed professional engineers with experience at the desk and in the field designing pragmatic commercial and utility solar solutions for the real world.
Separately, UGE has been contracted as the owner’s engineer for a portfolio of ground-mounted projects in Maryland. UGE will provide an independent review and reporting of site conditions, project/construction management, facility testing, and commissionin reporting.
“Our in-house engineering team has developed a reputation of excellence over the years and is one of the areas that really sets us apart from industry peers,” said Robert van Duynhoven, UGE’s Vice President of Sales and Marketing. “Our goal is to leverage our comprehensive best-in-class engineering capabilities to assist an industry going through a rapid growth stage.”
Additionally, UGE has closed a private placement offering totaling 1,250,000 units (the “Units”) from a single investor at a price of $0.35 per Unit for aggregate gross proceeds of $437,500. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant, with each Warrant being exercisable for one common share at an exercise price of $0.40 per share for a period of 24 months from the date of issuance. Net proceeds of the Offering will be used to fund the Company's general working capital. All the securities issued pursuant to the Offering will be subject to a four-month hold period which will expire four months and one day from the date of closing.
The securities offered pursuant to the Offering have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company within the United States.