SOURCE: UGE

UGE

January 26, 2016 08:45 ET

UGE Secures Bank Loan for Working Capital, Finalization of Endura Acquisition

TORONTO, ON--(Marketwired - Jan 26, 2016) -  UGE International Ltd. (the "Company" or "UGE") (www.ugei.com) (TSX VENTURE: UG) (OTCQB: UGEIF), announced today that it has secured a 12 million RMB (USD $1.83 million) loan from the Bank of China. The financing will be used to fulfill payment of the cash portion of the Company's proposed acquisition of Endura Energy Project Corp., general working capital purposes, and repayment of a loan. The loan has a three-year term, with annual renewals, and carries an annual interest rate of 5.22%.

"Going into 2016, two of our top priorities were to complete the Endura acquisition and to strengthen our balance sheet. Securing this low-interest loan, along with the proposed debt to equity conversion we announced January 5th, caps off a very productive start to 2016," said UGE CEO, Nick Blitterswyk.

About UGE
UGE delivers immediate savings to businesses through cleaner electricity. We help commercial and industrial clients become more competitive through the low cost of distributed renewable energy. With over 300 MW of experience globally, we work daily to power a more sustainable world. Visit us at www.ugei.com.

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

Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for UGE's products and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE's expectations and projections.

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