UGE International Reports Third Quarter 2014 Financial Results

NEW YORK, NY--(Marketwired - Nov 27, 2014) - UGE International Ltd. (the "Company" or "UGE") (TSX VENTURE: UG) (OTCQB: UGEIF), a leader in renewable energy solutions for business and government customers, today reported its third quarter financial results for the three and nine month periods ended September 30, 2014. UGE is headquartered in New York, New York and reports all amounts in US dollars.

Third Quarter 2014 Highlights

• During the quarter, UGE International Ltd. (formerly Way Ventures Inc.) completed a reverse-takeover transaction with UGE Holdings Limited.
• Confirmed sales orders in Q3'14 were the highest in the Company's history at $1.74 million and included strategically significant orders in the telecom sector and in Panama, totaling $0.85 million.
• Revenue for Q3'14 from the Company's United States operations increased by $0.11 million over Q3'13.
• Revenue for Q3'14 was $0.99 million, $1.13 million less than reported in Q3'13, attributable to general fluctuations in sales and a strategic shift towards the larger commercial sector.
• Gross profit increased by 6% to 37% in Q3'14 as compared with Q3'13, as the Company continues to streamline its supply chain, enhance its product line, and earn more service revenue.

Results for the three months ended September 30, 2014

The quarter ending September 30, 2014 was a pivotal quarter for UGE, as it saw the Company complete a transaction with UGE Holdings and graduate from a Capital Pool Company on the TSX Venture Exchange. The transaction constitutes a reverse-takeover and is accounted for with UGE Holdings being identified as the accounting acquirer, and the net assets of UGE International being recorded at fair value at the date of the transaction. While that process is associated with unavoidable expenses, the quarter also saw increased traction of the Company's strategic plan as it experienced its strongest quarter in company history with $1.74 million in confirmed sales orders. A confirmed sales order is typically an order placed with a nonrefundable deposit, making the order a strong commitment from the customer. As such, strong confirmed sales orders in the three months ended September 30, 2014 are expected to result in similar strength in revenue in the three months ended December 31, 2014.