AppId is over the quota
CARSON CITY, NV--(Marketwired - Dec 18, 2013) - Pan Global, Corp. (OTCQB: PGLO) (the "Company") today announces that the final construction phase of the 5.7MW small-hydro plant in Northern India which the Company intends to acquire has commenced.
The Company is in the process of acquiring 100% of the small-hydro plant through its staggered acquisition of Regency Yamuna Energy Limited ("RYEL"), the privately held Indian corporation commissioning the plant. The Company recently announced that it has closed on the first tranche of the acquisition and currently holds a 3.4% equity interest in RYEL. Construction of the plant is anticipated to be completed within the next 90 days, barring any adverse weather conditions.
Company management stated, "We are pleased that construction of the last 5% of the project is moving forward. We look forward to increasing our equity interest in RYEL under our acquisition agreement with RYEL in order to provide them with the needed capital to complete the plant's construction so the plant can begin generating revenue."
As previously disclosed, the Company, through its wholly-owned subsidiary, Pan Asia Infratech Corp., entered into a definitive Stock Purchase Agreement ("Acquisition Agreement") on October 28, 2013 to acquire 100% of the outstanding shares and convertible debt (if not previously converted) of RYEL which is commissioning the small-hydro plant. Further details of the Acquisition Agreement are available in the Company's Form 8-K filed with the SEC on October 29, 2013 and available on the SEC's website, www.sec.gov.
The Acquisition Agreement contains pre-closing conditions, customary representations and warranties, post-closing covenants and mutual indemnification obligations for, among other things, inaccuracy or breach of any representation or warranty and any breach or non-fulfillment of any covenant.
About Pan Global, Corp.
Pan Global, Corp., through its wholly-owned subsidiary, Pan Asia Infratech, Corp., is focused on environmentally sustainable energy, infrastructure and technologies. Our aim is to invest in green energy technology and infrastructure to build an inclusive green economy around the world.
For additional information, please visit: www.panglobalcorp.com, the contents of which are not incorporated into this press release.
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The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to, or representing management's beliefs about, our future transactions, strategies, operations, events and financial results. Such forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should" and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.panglobalcorp.com under "Investor Info". You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this news release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this news release, such statements or disclosures will be deemed to modify or supersede such statements in this news release.
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