TICKERS: UGE; UGEIF

UGE International Shines as a Leader in Commercial Solar Market

Source: The Energy Report (5/3/17)

UGE International is solidifying its position as a leader in the commercial solar market.

With the price of solar energy continuing to drop, UGE International Ltd. (UGE:TSX.V; UGEIF:OTC), with offices in New York, Toronto and the Philippines, has risen to the forefront of commercial and industrial solar providers. The company designs and installs solar power for commercial customers and then sells them the power; the client does not put up any up-front capital.

Among UGE's recent contracts are ones to install New York City's first community solar project in Brooklyn, develop plans for microgrid systems in New York City, construct three solar projects for Philippine Spring Water Resources, and design and build a solar carport at The Sheridan College Institute of Technology and Advanced Learning in Ontario.

"In the areas where we've traditionally operated, like the eastern U.S. or Ontario, the average client is paying around 14 cents per kilowatt hour, but we can sell you energy for 10 cents per kilowatt hour, and that cost is continuing to drop as the technology improves," UGE's CEO Nick Blitterswyk told Equedia Investment Research.

In early April the company announced its acquisition of Carmanah Solar Power Corp. (CSPC), a Toronto-based provider of on-grid solar services in Canada. "CSPC has a long, proud history, and is a very complementary group that we are excited to welcome to the UGE team," stated Blitterswyk. "Through this transaction we grow our market share, consolidate a competitor, and gain a strategic relationship with OYA, further boosting our expectations for 2017 and beyond."

The company announced that revenues for the fourth quarter of 2016 were approximately $3.4 million, its highest ever. And at Dec. 31, 2016, UGE's order backlog was $34.9 million.

UGE International was featured as one of Canaccord Genuity's Sustainability picks earlier this year. Analyst Raveel Afzaal commented that "UGE prereleased Q4/16 revenues of US$3.5M compared to cumulative revenues of US$2.5M over prior four quarters as it digested the acquisition of Endura (an EPC [Engineering, Procurement & Construction] firm). With integration complete, UGE is forecasting sharp revenue growth in 2017 based on its 12 to 18 months contracted backlog of US$35M."

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Additional disclosures about the sources cited in this article

Disclosures from Equedia Investment Research, "Why Solar Could Be the Next Hot Thing," March 14, 2017

We’re biased towards UGE because the Company is an advertiser. We currently own shares of UGE. As such, we are biased. You can do the math. It’s your money to invest and we don’t share in your profits or your losses, so please take responsibility for doing your own due diligence. Remember, past performance is not indicative of future performance. Just because many of the companies in our previous Equedia Reports have done well, doesn’t mean they all will. Furthermore, the Companies mentioned and their management have no control over our editorial content and any opinions expressed are those of our own.

Canaccord Genuity, Sustainability and Special Situations Watch List, March 7, 2017

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.

The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.

Some regulators require that a firm must establish, implement and make available a policy for managing conflicts of interest arising as a result of publication or distribution of research. This research has been prepared in accordance with Canaccord Genuity’s policy on managing conflicts of interest, and information barriers or firewalls have been used where appropriate.

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