UGE Provides Update on Late Filing of Audited 2020 Financial Statements

May 03, 2021 at 09:01 AM EDT

Toronto, Ontario--(Newsfile Corp. - May 3, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, provides the following update on the filing of its financial statements and related documents for the 12 months ending December 31, 2020 (the "Documents").

As previously disclosed, the Company will be late in filing the Documents but expects to file all required documentation on or before May 10, 2021. As disclosed on April 27, 2021, the Company had filed a request for a Management Cease Trade Order ("MCTO") pending its filing of the Documents, as a means to completing the Documents in an organized manner; the MTCO request was declined by the Ontario Securities Commission. As a result of the refusal to grant the MCTO, the Ontario Securities Commission has imposed an issuer cease trade order until the Documents have been filed.

The Company is working expeditiously to complete the Documents and looks forward to reporting its results on May 10, 2021. Investors can register for the Company's webinar at www.ugei.com/register, to be held at 11:00am EDT on May 10, 2021. Further, the Company reports that there have been no material changes to the Company since its prior disclosures.

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.

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