TORONTO, ON / ACCESSWIRE / December 6, 2016 / UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in distributed renewable energy solutions, is pleased to announce the appointment of Joyce Ferris as an independent member of its Board of Directors. Joyce is currently the founder and managing partner of Blue Hill Partners, a venture capital firm investing in emerging technology companies in the energy efficiency sector, and has been an entrepreneur in the energy technology industry for more than 30 years. She has been an operating executive, investor, and active board member in 11 entrepreneurial companies with technologies and services related to growing the deployment of renewable energy and energy efficiency in the built environment. Joyce recently completed a role as CFO and COO of Nextility, Inc., a high growth solar company, where she built the financial tools and team to manage a highly complex financial structure with over 250 solar rooftop projects in multiple states and Puerto Rico. She also built the solar asset management team and managed the solar development team. Prior to founding Blue Hill, Joyce was a senior founding executive and principal shareholder with Reading Energy, an early independent power company founded in 1985. Joyce has held numerous board positions and is currently on the board of Aircuity and Performance Systems Development. A recognized thought leader, Joyce is a frequent speaker at industry conferences and was recently named one of the Top Twenty Women Cleantech Investors.
The Company also announces that Cameron Steinman will be stepping down as director effective December 31, 2016, afterwards taking an informal role as an advisor to management and the board of directors. The Company wishes Mr. Steinman the best in the future and looks forward to continue working with him as the Company grows.
The Company granted 60,000 restricted share units ("RSUs") to each of its three independent directors, with each such RSU being converted to one common share of the Company, vesting equally on January 16, 2017 and July 17, 2017. The company also granted 40,000 stock options to two of its independent directors, and 70,000 stock options to a senior officer, with each such option being exercisable for one common share of the Company at an exercise price of CAD$0.28 per share for a period of five years from the date of grant, and with such options to vest as to a half on January 16, 2017 and a half on July 17, 2017.
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 330 MW of experience globally, we work daily to power a more sustainable world.
Visit us at www.ugei.com.
For more information, contact:
Jimmy Vaiopoulos
Chief Financial Officer
917-720-5685
[email protected]
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.
SOURCE: UGE International Ltd.