Pan Global Corp. Announces Final Construction Phase of Small-Hydro Plant on Schedule
04 Febbraio 2014 - 2:00PM
Marketwired
Pan Global Corp. Announces Final Construction Phase of Small-Hydro
Plant on Schedule
CARSON CITY, NV--(Marketwired - Feb 4, 2014) - 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 fully acquire is progressing towards
completion as planned.
Construction of the plant is anticipated to be completed within
the next 45-60 days, barring any adverse weather conditions or
other unforeseen circumstances.
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 third tranche of the acquisition and
currently holds a 7.51% equity interest in RYEL.
Company management stated, "We are pleased the final
construction phase is on track for the last 5% of the project as
the plant moves closer to being connected to the power grid. We
plan to continue to increase our equity interest in RYEL under our
acquisition agreement with RYEL."
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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.
Disclaimer: This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Pan Global, Corp. Investor Relations Phone: 877-999-7978 Email:
PGLO@panglobalcorp.com
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