Mr. Nick Blitterswyk reports

UGE ANNOUNCES EXTENSION OF MATURITY DATE DEBENTURES

UGE International Ltd., with the consent of affected holders, is extending the maturity date on $1,446,000 of aggregate principal amount of its 6.5 per cent convertible debentures originally due Oct. 31, 2023, out to Oct. 31, 2025. In consideration for extending the maturity date, holders of the extended debentures will now receive interest at a rate of 7 per cent per annum (previously 6.5 per cent). The remaining $544,000 in aggregate principal amount of the debentures were not extended by their holders and are being repaid in accordance with their terms.

The extension of the debentures remains subject to the final approval of the TSX Venture Exchange.

The company also wishes to clarify that the 150,267 underwriter warrants issued on Aug. 24, 2023, were in fact issued with an exercise price of $1.35 (previously disclosed as being $1.3392). All other terms of such underwriter warrants as previously announced on Aug. 24, 2023, are unchanged.

About UGE International Ltd.

UGE develops, owns and operates commercial and community solar projects in the United States and strategic markets abroad. The company's distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 megawatts of global experience, UGE works daily to power a more sustainable world.