February 12, 2026 – UGE International Inc. recently announced a leadership transition as part of its ongoing focus on execution and long‑term value creation. Effective December 15, 2025, John France has been appointed Chief Executive Officer. Mr. France succeeds Nick Blitterswyk, who is departing the Company. The Board thanks Mr. Blitterswyk for his contributions and service.

Mr. France brings 12 years of leadership experience in the energy sector, most recently serving as Chief Executive Officer and Managing Partner at Bear Peak Power, where he co-founded the company, spearheading development of distributed and utility-scale solar and energy storage systems across the United States. In his new role with UGE, he will focus on operational excellence, disciplined capital allocation, and advancing the Company’s project pipeline.

“The Board is confident that John France is the right leader to drive our next phase of growth and to sharpen our focus on operational and financial performance,” said Chris Beall, NOVA Infrastructure Managing Partner. “We appreciate Nick’s contributions and wish him well.”

“I am honored to lead UGE International Inc.,” said Mr. France. “We have a strong foundation, attractive opportunities ahead, and a talented team. Our priorities are clear: execute with discipline, serve our customers, and deliver consistent, profitable growth.”

 

About UGE

UGE develops, owns, and operates community and commercial solar and battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected].

June 3, 2025 – UGE International Inc. (“UGE”), a leader in commercial and community solar, has acquired the rights to a development portfolio of 122 ground-mount solar projects from OYA Renewables upon the completion of OYA’s bankruptcy proceedings earlier this year.

The portfolio is comprised of ten late-stage development solar projects in New York state and 2.35GW of early-stage development solar projects across several states. The ten-site portfolio of late-stage development projects is comprised of approximately 60MWdc of ground-mount community solar projects in upstate New York. All ten projects have existing utility interconnection agreements in place.  

The 2.35GW portfolio of initial-stage development projects sits across 14 states. The portfolio is comprised of a mixture of utility-scale, community, and other distributed generation projects.

UGE is currently in the process of reviewing and assessing the feasibility of each of the projects in the broader portfolio, while actively developing the ten late-stage projects in New York towards their NTP milestones, most of which are expected to occur within 12-months. UGE is also in discussion with other developers regarding the potential sale or co-development of the utility-scale assets, while UGE will focus on developing the distributed-scale projects for its own portfolio.

“We are pleased to be carrying forward these promising projects, with the aim to bring as many as possible to fruition and into our growing operating portfolio,” said Nick Blitterswyk, CEO of UGE. “Each one of these parcels has the potential to bring cleaner, cheaper, local electricity generation to surrounding communities, and it is our goal to help make that happen.”

In August 2024 NOVA Infrastructure Fund II (“NOVA”), acquired a majority stake in UGE. With NOVA’s backing, UGE has been accelerating the expansion of its portfolio through both organic origination and acquisitions. UGE continues to seek strategic project acquisition opportunities in targeted markets.

 

About UGE

UGE develops, owns, and operates community and commercial solar and battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected].

April 24, 2025 – UGE, a leader in commercial and community solar, announces that it has reached commercial operation on its 1.4-megawatt rooftop community solar project in Queens, New York.

UGE’s latest community solar project is built atop Wildflower Studios, the world’s first vertical village for film production, and New York City’s first full-scale media facility, developed by New York City-based real estate developer Wildflower LTD in partnership with lifelong New Yorker Robert De Niro. The Studio, designed by world-renowned architect Bjarke Ingels, includes a publicly accessible waterfront esplanade, and will create well over 1,000 permanent new union jobs. 

Wildflower Studios will offset a portion of its electricity usage via the rooftop solar project, providing both electricity cost savings and carbon footprint reduction for the operation. The remaining power generated by the project will be reserved for residents and businesses in low-to-moderate income (LMI) communities, providing these energy users with savings on their electricity bills.  

“Wildflower Studios is a modern, human-centered complex designed to inspire,” said Adam Gordon, Managing Partner of Wildflower LTD. “Incorporating solar to offset our own emissions, while also providing access to cheaper, cleaner electricity for low-income New Yorkers fits squarely within the vision of Wildflower Studios.” 

The Wildflower Studios community solar project is the first of UGE’s projects that will be awarded the Clean Electricity Low-Income Communities Bonus Tax Credit. The credit, instated as part of the 2022 Inflation Reduction Act, was introduced to increase access to renewable energy among historically disadvantaged communities.  

Each year, the project will offset over 1,000 metric tons of CO2 equivalent – the amount saved by taking roughly 275 passenger cars off the road.  

The inclusion of solar on the rooftop of Wildflower Studios brings the building into compliance with New York City’s Local Law 94, one of the pioneering climate laws passed in 2019 as part of the Climate Mobilization Act. The law requires that all new buildings and existing buildings undergoing certain renovations install sustainable roofs such as rooftop solar. The emissions abatement brought by the rooftop solar project will also help Wildflower Studios meet the building emissions reduction requirements of Local Law 97, another of New York City’s climate laws.  

The Wildflower Studios project is UGE’s eighth solar project completed with Wildflower LTD, with another currently under development.  With the completion of this project, UGE’s operating portfolio now stands at 25MW.  

 

About UGE  

UGE develops, owns, and operates community and commercial solar and battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA Infrastructure and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected]. 

 

About Wildflower LTD  

Wildflower creates innovative, sustainable and socially beneficial physical infrastructure in New York City by fusing design, entrepreneurship, and community engagement. Wildflower currently owns over 3 million square feet of real estate in the New York metro area. 

Good news for building owners in Austin: community solar has gotten a makeover! Thanks to new efforts by the city, commercial property owners can now earn long-term lease income by renting out their rooftop space for the development of community solar gardens, helping to provide energy security and grid stability for the city, while reducing electricity prices.

While Austin has had a community solar program in place since 2018, it has not experienced much growth and currently only has three active projects supplying energy to its subscribers—not nearly enough to support a rapidly growing city. However, as of December 9^th, 2024, the city of Austin’s new community solar initiative went into effect. The new Solar Standard Offer program was developed by Austin Energy with stakeholder input. As per Austin Energy, “this program opens a new local solar market, provides transparency to solar developers, allows for long-term growth, creates more choices and opportunities for our customers, and accelerates our progress toward carbon-free generation.”

Here is a breakdown of the program participant types:

• System Host: An existing Austin Energy commercial customer willing to host a community solar project on their property.
• System Owner: Either the system host or a third party that leases space from the system host to install and operate a solar system for the Community Solar program.
• Participating Solar Contractor: The solar installation company applying for permits and installing the solar system.

The system owner will be compensated by Austin Energy for the power generated. All system owners will be compensated at the standard offer rate, which is currently set for $0.1124 per kilowatt hour for systems less than 1 MW, and $0.0841 per kilowatt hour for larger systems; the rate will be updated every three years. This offer rate reflects the fact that solar energy produced on location with customer loads reduces the amount of energy needed to be purchased from the ERCOT market. If the system host is not the same entity as the system owner (as is typically the case: solar development is a complicated and lengthy process that most building owners do not wish to undertake themselves), then the system host is compensated via long-term lease payments from the system owner.

Power produced by the solar project will feed into and expand Austin Energy’s Community Solar Program, which offers local, 100% renewable energy to residential customers subscribed to the program, including low-income customers participating in the Customer Assistance Program (CAP). Subscribing to a community solar program is a highly beneficial option for renters, customers with no appropriate rooftop space of their own, and customers lacking the capital to invest in a solar system themselves. At the time of writing this article, there is no availability for new subscribers to join the program, proving the urgent need for new community solar projects in the city.

At UGE, we use a full-lifecycle approach to our solar projects, meaning we develop, own, and operate all of our projects. In the case of Austin’s Solar Standard Offer program, we would be the system owner and pay property owners to lease their rooftop and/or parking lot spaces. If a property owner chooses to lease out their property to a solar developer like UGE, that would mean no upfront costs, and the property owner can start to generate passive income immediately. This is a great opportunity for property owners to create an additional revenue stream while simultaneously helping their community and the environment. UGE has over 15 years of experience in the solar industry, specializing in community solar. If you’re interested in working with us on a project, fill out the form below, and we’ll get back to you as soon as possible!

April 15, 2025 – UGE, a leader in commercial and community solar, announces that it has reached the ‘Notice to Proceed’ (NTP) milestone for its 1.3MW community solar project in Medford, New York. The NTP milestone indicates that financing for the project has closed and all necessary permits and interconnection agreements for the project are in place.   

The project will be built atop Medford Logistics Center, a 130,000 square-foot industrial center in the heart of Long Island, developed by UGE’s long-term partner Wildflower LTD. This will be UGE’s eighth rooftop solar project completed with Wildflower, with a seventh currently under construction. 

This is the second project for which UGE will leverage the Domestic Content Adder, an Investment Tax Credit introduced via the Inflation Reduction Act. Designed to strengthen the United States’ solar manufacturing industry, the Domestic Content Adder rewards solar developers for using domestically produced equipment in their projects. Eager to support a stronger domestic solar manufacturing industry, UGE established a Module Supply Agreement last year with Heliene, one of North America’s fastest growing solar manufacturers. For this and other projects under construction, UGE is utilizing U.S.-made solar modules from Heliene, inclusive of US-made cells.    

Each year, the Medford Logistics solar project will offset roughly 1,500 metric tons of Carbon Dioxide (CO2) equivalent, the amount produced by burning approximately 170,000 gallons of gasoline. It will produce enough electricity to power roughly 200 homes each year.    

As part of an ongoing partnership announced in November 2021, wireless provider T-Mobile will serve as the project’s anchor energy off-taker, supporting T-Mobile’s commitment to power its business using 100% renewable energy 

Having reached NTP, the Medford project will now enter deployment and construction, the final phase before commercial operation. Once complete, the projects will join UGE’s operating portfolio, which currently stands at 25MW. The Medford project is projected to complete construction and begin operating this fall.  

 

About UGE  
UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA Infrastructure and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected].    

  

About Wildflower  
Wildflower creates innovative, sustainable and socially beneficial physical infrastructure in New York City by fusing design, entrepreneurship, and community engagement.  Wildflower currently owns over 3 million square feet of real estate in the New York metro area.    

January 16, 2025 – UGE, a leader in commercial and community solar, announces that it has reached the ‘Notice to Proceed’ (NTP) milestone for its 1.5MW community solar project in Newport, Maine. The NTP milestone indicates that financing for the project has closed and all necessary permits and interconnection agreements for the project are in place. 

UGE’s newest community solar project will be built on former farm and recreation land in Newport, Maine, which is owned by a local family. Each year, the project will offset nearly 2,000 metric tons (over 4 million pounds) of CO2 emissions, the equivalent produced by burning over 215,000 gallons of gasoline. At 1.5MW it will produce enough electricity to power more than 350 homes.  

This is the first project for which UGE will be awarded the Domestic Content Adder, an Investment Tax Credit introduced via the Inflation Reduction Act. Designed to strengthen the United States’ solar manufacturing industry, the Domestic Content Adder rewards solar developers for using domestically produced equipment in their projects. Eager to support a stronger domestic solar manufacturing industry, UGE established a Module Supply Agreement earlier this year with Heliene, one of North America’s fastest growing solar manufacturers. For this and other projects under construction, UGE is utilizing U.S.-made solar modules from Heliene, inclusive of US-made cells.  

The Newport project will generate a meaningful amount of clean renewable energy, even though community solar projects such as this are much smaller in size than utility-scale solar farms. Community solar projects benefit from being easier to blend into the surrounding landscape and conceal with trees and other natural barriers than larger utility-scale solar farms. 

Having reached NTP, the Newport project will now enter deployment and construction, the final phase before commercial operation. Once complete, the projects will join UGE’s operating portfolio, which currently stands at 24MW. The Newport project is projected to complete construction and begin operating this summer.  

About UGE 

UGE develops, owns, and operates community and commercial solar and battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA Infrastructure and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected]. 

In New York City, buildings are subject to several local climate laws passed in 2019 as part of the Climate Mobilization Act. Here, we’ll be providing an overview of three of those laws: Local Laws 92, 94, and 97. We’ll share how serving as a community solar host is not only a path to compliance and/or liability reduction under these laws, but also a new source of long-term lease revenue for building owners.  

Local Law 97 

LL97 was put in place to help reduce the amount of greenhouse gases emitted by buildings in New York City. The target under LL97 is for all buildings 25,000 square feet and larger to reduce their emissions over a series of compliance periods through 2050. Emissions limits will grow more stringent in each proceeding compliance period. The first compliance period started last year: 2024-2029.  

All buildings covered under LL97 will be required to submit a report regarding their emissions to the Department of Buildings by May 1, 2025.  

Via this calculator, you can enter your building’s address and find out how much you will owe in penalties each year if your building’s emissions are not sufficiently reduced.  

Building owners can significantly reduce their buildings’ reported emissions by installing rooftop solar. Traditionally, this requires a significant upfront financial investment and complex project management which is not a feasible route for many building owners.  

Community solar, however, is a model of solar project ownership in which an entity separate from the building’s owner pays for, owns, and operates a rooftop solar project on a building. In return, the building owner receives long-term lease payments for their rooftop space where the solar project sits in addition to reducing and oftentimes erasing their LL97 fine liability.  

For building owners looking for ways to significantly reduce their building’s reported emissions with no capital investment, earn long-term lease revenue on rooftop space that would otherwise go unmonetized, and maximize the value of their asset, becoming a community solar host is an ideal option.  

 

Local Laws 92 and 94 

LLs 92 and 94 are essentially equivalent but apply to buildings of different sizes: 94 applies to large buildings while 92 is for smaller buildings.  

The two laws require buildings under construction and buildings undergoing certain renovations to install sustainable roofs, which can be either a rooftop solar project, a green (vegetation) roof, or a combination of the two.  

Becoming a community solar host will automatically bring your building into compliance with whichever of these two laws is applicable to your building.  

You can learn more about Local Laws 92 and 94 here.  

 

Working with us 

Based in New York City, we’ve been working in solar in the city for over a decade and have had the pleasure of partnering with dozens of building owners like yourself.  

While we’d love to work with any and all building owners, in order for project economics to be feasible, we are only able pursue projects on buildings with rooftops and/or parking lots totaling at least 30,000 square feet. In some cases, we are able to include smaller buildings as part of a larger portfolio. 

If you own or represent a building with a rooftop or parking lot exceeding 30,000 square feet and would like to learn more about how becoming a community solar host can help you comply with New York City’s local climate laws, please fill out the Get Started form at the bottom of this page and we’ll be in touch shortly! 

New York, NY – January 9, 2025 – UGE, a leader in commercial and community solar, announces that it has reached Commercial Operation (“COD”) on six new solar projects totaling 16MW. The projects include UGE’s first two community solar projects in Maryland; its first community solar project in Oregon, a second municipal PPA project in Texas; and two community solar projects in Maine. With the completion of these six projects, UGE’s operating portfolio now stands at 24MW, with projects operating across six states.

Together the six new projects will offset over 19,500 metric tons of CO2 equivalent each year, the amount produced by driving roughly 50 million miles in an average passenger car. The projects will produce enough electricity to power roughly 4,000 homes.

The Maryland, Oregon, and Maine projects will all join their respective states’ community solar programs, bringing cheaper, cleaner electricity to households and businesses that aren’t able to install solar on their own rooftops. The Texas project will bring affordable renewable energy to the rural municipality where it’s sited.

Among the projects are UGE’s first project to qualify for the Energy Community Tax Credit put into place via the Inflation Reduction Act of 2022. The Credit incentivizes renewable energy developers like UGE to site projects on contaminated land or in communities historically dependent on the nonrenewable energy economy. UGE’s two Maryland projects qualify for the Energy Community Credit under the coal facility closure category, which was designed to promote economic revitalization in regions affected by the closure of coal mines and coal-fired power plants.

The Oregon project is UGE’s largest to reach commercial operation since transitioning to an independent power purchaser (“IPP”) model. The Texas project is UGE’s second in the town of Smithville, and UGE’s first to receive a grant from the Rural Energy for America Program (“REAP”). The two new Maine projects, both located in the Bangor area, bring UGE’s total operating portfolio in the state to 7.5MW across four projects. One of the two Maine projects is built atop a former concrete fabrication and storage site.

“Successfully achieving Commercial Operation for six projects in one month is a massive achievement, and I’m deeply proud of our team for the weeks, months, and years of work that went into getting here,” said Nick Blitterswyk, CEO of UGE. “Our operating portfolio grew roughly five-fold in 2024, showing what our team is capable of now that we’ve transitioned to a model whereby we develop, own, and operate our projects, and I’m excited for all we will accomplish in the coming years on our mission to make renewable energy accessible and affordable for all.”

About UGE

UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA Infrastructure and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected].   

New York, NY – November 7, 2024 – UGE, a leader in commercial and community solar, announces that it has reached commercial operation on its 847kW rooftop community solar project in Queens, New York.  

Each year, the new Queens project will offset over 1,000 metric tons (roughly 2.5 million pounds) of CO2 emissions, the equivalent produced by burning nearly 125,000 gallons of gasoline. At 847kW it will produce enough electricity to power more than 200 homes. 

The project sits atop a new 250,000-square-foot warehouse and parking facility in College Point, Queens which is owned by New York City-based real estate developer Wildflower Ltd LLC. This is UGE’s sixth solar project completed with Wildflower, with a seventh under construction and an eighth in development.   

New York’s progressive renewable energy policies at both the City and State level have helped UGE and Wildflower develop their expanding portfolio of commercial solar projects. In 2019 New York City passed pioneering legislation, Local Laws 92 and 94, that requires all new buildings and existing buildings undergoing certain renovations to implement solar or other green roofing. The partnership between UGE and Wildflower has allowed Wildflower to meet these requirements while simultaneously earning recurring lease revenue from UGE. The solar projects will also allow Wildflower to be complaint with Local Law 97, which sets greenhouse gas emissions caps on buildings over 25,000 square feet. Local Law 97 went into effect this year.  

“Our long-term partnership with UGE supports Wildflower’s mission to create innovative, sustainable, and socially beneficial physical infrastructure in New York City,” said Adam Gordon, Managing Partner of Wildflower. “We are pleased to be bringing yet another community solar project to life with UGE.”    

UGE will reserve 50% of the project’s energy output for Low- to Moderate-Income (LMI) subscribers, allowing these households and businesses to save upwards of 10% on their electricity costs. As electricity rates continue to rise across the country, these savings become increasingly meaningful for Americans looking for ways to save money in today’s inflationary environment.     

With the addition of the College Point project, UGE’s operating portfolio now stands at 7.9 MW. UGE has an additional 17.2 MW of projects currently in deployment and construction, as well as a significant portfolio in development.  

 

About UGE 

UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With the backing of NOVA Infrastructure and leaning on more than a decade of experience across 500 megawatts of projects, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at [email protected].   

 

About Wildflower 

Wildflower creates innovative, sustainable and socially beneficial physical infrastructure in New York City by fusing design, entrepreneurship, and community engagement.  Wildflower currently owns over 3 million square feet of real estate in the New York metro area.     

Toronto, Ontario–(Newsfile Corp. – August 16, 2024) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE“) is pleased to announce the closing of the previously announced plan of arrangement (the “Arrangement“) pursuant to which 1000896425 Ontario Ltd. (the “Purchaser“), an affiliate of NOVA Infrastructure Fund II, LP, acquired, with an effective date of August 15, 2024 (the “Effective Date“) all of the issued and outstanding common shares of the Corporation (the “Common Shares“) for C$2.00 per Common Share (the “Consideration“), other than Common Shares held by certain management representatives and shareholders of the Corporation (the “Rolling Shares“) which Rolling Shares were rolled over into the private entity that will carry on the business of the Company. The Arrangement was approved by the Company’s shareholders (the “Shareholders“), holders of the Company’s compensation warrants (the “Warrantholders“) and holders of the Company’s convertible debentures (the “Debentureholders“, and collectively with the Shareholders and Warrantholders, the “Securityholders“) on July 31, 2024 and by the Superior Court of Justice (Commercial List) on August 6, 2024.

With the Arrangement now complete, the Common Shares will be halted from trading on the TSX Venture Exchange (the “TSX-V“) and UGE intends to cause the Common Shares to be delisted from the TSX-V and OTC Markets as soon as reasonably practicable. In connection therewith, UGE intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

As at the Effective Date: (i) each Shareholder is entitled to receive the Consideration per Common Share; (ii) each Warrantholder is entitled to receive the balance of the Consideration and the exercise price of their respective compensation warrant; and (iii) each Debentureholder is entitled to receive the Consideration per Common Share they hold after giving effect to the conversion of their convertible debentures (inclusive of principal and interest accrued thereon). To receive their respective Consideration, registered Shareholders, Warrantholders and Debentureholders must surrender the certificates representing their UGE securities together with a duly completed and corresponding executed Letter of Transmittal to TSX Trust. The Letter of Transmittal was mailed to UGE Securityholders with UGE’s management information circular dated June 28, 2024. The Letters of Transmittal, applicable to each Securityholder, is for use by registered Securityholders only and is not to be used by beneficial holders of Common Shares (“Beneficial Shareholders“). A Beneficial Shareholder does not hold Common Shares in its name but such shares are held by an intermediary such as a brokerage firm, or clearing agency such as CDS. If you are a Beneficial Shareholder, your intermediary will submit the required documentation in order to receive your consideration.

A copy of the Purchaser’s early warning report will be filed on the Corporation’s profile on SEDAR+ at www.sedarplus.ca and available upon request by contacting Chris Beall at +1 646 889 8100.

About UGE International Ltd.

UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, UGE is working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE:

About NOVA Infrastructure

Founded in 2018, NOVA Infrastructure (http://www.novainfra.com) is a value-added, middle market infrastructure investment firm focused on North America. NOVA seeks to make investments that pair the downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. NOVA targets investments in environmental services, transportation, energy / energy transition, and digital sectors.

Ellen DeGiusti – [email protected].

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information relates to future events or future performance, reflect current expectations or beliefs regarding future events and is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and similar expressions suggesting future outcomes or statements regarding an outlook. Forward-looking information and statements include, but are not limited to, information and statements regarding the timing to delist the Common Shares; and the application by UGE to cease to be a reporting issuer and terminate its public reporting obligations.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information. There can be no assurance that such information will prove to be accurate.

Although the Company believes that the forward-looking information in this news release is based on information and assumptions that are current, reasonable and complete, this information is by its nature subject to a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information.

Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to differ materially from those estimated or projected and expressed in, or implied by, this forward-looking information.

Investors and others should carefully consider the factors and other uncertainties and potential events and should not rely on the Company’s forward-looking information to make decisions with respect to the Company. Furthermore, the forward-looking information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained herein is expressly qualified by this cautionary statement.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.