UGE Announces Anticipated Late Filing of Audited 2020 Financial Statements

April 27, 2021 at 17:40 PM EDT

Company expects to Release Audited 2020 Financial Statements on May 10, 2021 and thereafter hold Investor Webinar

Toronto, Ontario--(Newsfile Corp. - April 27, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, announces that it expects to release its audited 2020 financial statements on May 10, 2021 before market open. By releasing its financial statements on May 10, 2021, the Company will miss its deadline under applicable securities rules and accordingly has filed for a Management Cease Trade Order covering the period during which the financial statements are delayed.

Assuming the pre-market May 10^th release, UGE will host a live webinar on the same day, May 10, 2021, at 11:00am EDT to present the Company's financial statements. UGE's CEO, Nick Blitterswyk, and CFO, Marissa Lauder, will provide the update and then answer questions on the webinar platform.

Investor Webinar Date: Monday, May 10, 2021
Time: 11:00am EDT
Register: www.ugei.com/register

Following consultation with its auditors, the Company expects to release its audited financial statements for the 12 months ending December 31, 2020 and the accompanying Management Discussion and Analysis and CEO and CFO certificates for the same period on May 10, 2021 (the "Documents"). In doing so, the Company is relying on an application filed with the Ontario Securities Commission pursuant to Part 4 of National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") for a Management Cease Trade Order ("MCTO") pending the filing of the Documents, which MCTO will prohibit the Company's management and directors from trading in the securities of the Company until such time as the Documents are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Documents are not filed on or before April 30, 2021.

As described above, the Company plans to file the Documents on May 10, 2021. The Company will comply with the alternative information guidelines set out in Section 9 of NP 12-203 and will file bi-weekly default status reports in the form of press releases, should the Documents not be filed at that time. If a MCTO is issued, during the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the "alternative information guidelines as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. There can be no assurance that a MCTO will be issued.

Until the Company has filed the Documents, members of the Company's management and directors and other insiders are subject to an insider trading black-out as per its internal Insider Trading and Reporting Policy.

The Company confirms that, other than as disclosed in publicly issued press releases and material change reports, including the Company's press release dated April 19, 2021 that it would be restating its Q2 and Q3, 2020 interim financial reports, there have been no material business developments since the filing on November 24, 2020 of the Company's latest interim financial reports for the nine-month period ended September 30, 2020.

The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.

About UGE

UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers 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.

For more information, contact UGE at:

+1 917 720 5685

investors@ugei.com

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81981

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UGE Announces Anticipated Late Filing of Audited 2020 Financial Statements

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