Toronto, Ontario--(Newsfile Corp. - December 20, 2023) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar, states that the previously disclosed cash commissions in the November 2023 project development green bond transaction were C$113,330 and US$5,460. This disclosure has been made pursuant to TSXV policies.

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 over 500 megawatts of project experience, 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: This email address is being protected from spambots. You need JavaScript enabled to view it. or +1 917 720 5685.

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

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. Forward-looking statements include, but are not limited to: the terms of the Green Bonds, including, but not limited to, terms regarding the payment of interest on, and the security underlying, the Green Bonds; the anticipated collaterization of the Green Bonds; the terms of the Over-Allotment Option; the anticipated use of the proceeds from the Offering; the expectation that Computershare will act as trustee for the Green Bonds; and the terms of the Underwriters' Warrants.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: the ability of the Company to abide by the anticipated terms of the Green Bonds, including, but not limited to, paying interest on, and mainlining the security underlying, the Green Bonds; the ability of the Company to collateralize the Green Bonds; the ability of the Company to abide by the terms of the Over-Allotment Option, if exercised; the ability of the Company to use the proceeds from the Offering in the anticipated manner; the ability of Computershare to act as trustee for the Green Bonds and the ability of the Company to abide by the terms of the Underwriters' Warrants.

Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.