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TICKERS: UGE; UGEIF

Solar Solutions Firm Makes Significant Progress on Sizable Installations
News Update

Source:

This Canadian company expects to build a record number of projects this year.

UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) provided in a news release an update on its projects underway in Canada and the United States.

In Canada, the solar power solutions firm substantially completed, earlier this month, the last four sites of its largest portfolio, the 9 megawatt (9 MW) Peterborough series, such that its 15 sites are now operational.

UGE won a maintenance contract for a commercial solar project it previously installed in Ontario, and it will complete the work in the coming months. That contract's value exceeds the company's 23% gross margin target.

In the United States, the company finished two of the last three projects of its four-site Minnesota schools cluster. It expects to complete the final site in about four weeks' time.

UGE revealed that Con Edison is the previously unnamed client for which UGE was recently awarded a 3.1 MW project in the Northeast.

In Africa, the company, in the next few months, will study the feasibility of microgrids in Burkina Faso, per a phase one contract it received. The contract for this project also surpasses UGE's gross margin target.

Looking forward, UGE's CEO Nick Blitterswyk said in the release, "UGE is excited to start several new chapters in 2019, as past engineering, procurement and construction portfolios are wrapped up and new projects in our U.S. and Philippines markets kick off. This year we expect to build a record number of projects in both markets where we focus on self-developed opportunities."

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: none. She or members of her household are paid by the following companies mentioned in this article: none.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UGE International, a company mentioned in this article.




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