Toronto, Ontario - May 10, 2021 (Newsfile Corp.) (Investorideas.com Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, reported its financial results for the year ended December 31, 2020. UGE reports all amounts in US dollars.
In 2020, UGE pivoted to its develop/build/own business model, with the Company's first self-financed, build/own/operate solar facilities energized in the final months of the year. In parallel, project development accelerated, with a four-fold increase in backlog, to over 60MW by year-end. Meanwhile, the Company significantly improved its balance sheet position by raising equity capital, completing the exit of its engineering, procurement and construction ("EPC") business, and by retiring debt, leaving it in a strong position to grow the business going forward.
Key financial and business highlights for Q4 2020 and 2020 included:
Through 2021, UGE will continue to focus on building its pipeline of solar facilities in both its proven markets and by diversifying into new US markets, with a target of entering at least three new states in 2021. This activity will be supported by strategic additions of proven professionals to UGE's origination and development teams, some of which has already occurred as the date of this press release. UGE will continue to focus on the financial value its platform provides to real estate owners and to UGE, while providing the world with cleaner energy.
Going forward, UGE plans to own most solar facilities it develops, generating long term recurring revenue and positive cash flows. This transformation will change the nature and timing of the revenue generated by UGE, as the overall size of the Company's asset and funding base increases as operating solar facilities are added to its portfolio. More of UGE's revenue will be recurring over a longer period of time, and realized through operating and managing solar facilities, as opposed to the EPC business, which is one-time revenue for the services provided (typically to other solar developers).
Full financial results and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) as well as on the Company's website.
2020 Conference Call Details
UGE's CEO, Nick Blitterswyk, and CFO, Marissa Lauder, will be hosting a webinar to provide further analysis of the financial results and to answer your questions following the presentation. You can register for the webinar, below:
Date: Monday, May 10, 2021
Time: 11:00am EDT
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
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, including project backlog, 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 forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such assumptions, risks and uncertainties include, without limitation, those associated with loss of markets, expected sales, future revenue recognition, the ability to secure appropriate sites, the effect of global and regional economic conditions, equipment supply and pricing, changes electricity prices, delays and over runs in construction, delays in or inability to obtain permits, changes in laws and regulations and changes in how they are interpreted and enforced, changes in tax policies and incentive programs, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company's services, and availability of capital and funding. The forward-looking information is made as of the date of this news release and 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 securities 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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