TORONTO, ON--(Marketwired - December 09, 2016) - 2376457 Ontario Inc. (the "Corporation"), a corporation controlled by Cameron Steinman, a director of UGE International Ltd. ("UGE") (TSX VENTURE: UGE) (OTCQB: UGEIF), announces that the Corporation disposed of 3,444,444 common shares of UGE through a gift to the Steinman Goudy Charitable Foundation Fund of the Charitable Gift Funds Canada Foundation (the "Steinman Goudy Charitable Foundation").

After giving effect to the disposition, the Corporation holds 1,000,000 common shares of UGE, representing approximately 3% of the issued and outstanding shares of UGE.

As disclosed by UGE in a press release dated December 6, 2016, Mr. Steinman will be resigning as a director of UGE effective December 31, 2016. Mr. Steinman will be taking on an informal role as an advisor to management and the board of directors of UGE following his resignation.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated December 9, 2016. The early warning report respecting the occurrence giving rise to this filing has been filed on System for Electronic Document Analysis and Review ("SEDAR") at under UGE's issuer profile. To obtain a copy of the early warning report filed by the Corporation, please refer to the SEDAR at under UGE's issuer profile.