Pan Global, Corp. Shareholder Update: Anticipated Completion of Small-Hydro Plant and Connection to Power Grid
18 Febbraio 2014 - 2:05PM
Marketwired
Pan Global, Corp. Shareholder Update: Anticipated Completion of
Small-Hydro Plant and Connection to Power Grid
CARSON CITY, NV--(Marketwired - Feb 18, 2014) - Pan Global,
Corp. (OTCQB: PGLO) (the "Company") today updates its shareholders
concerning the 5.7MW small-hydro plant the Company is in the
process acquiring in in Northern India (the "Project") pursuant to
its staggered acquisition of Regency Yamuna Energy Limited
("RYEL").
Construction of the Project is anticipated to be completed
within next 30-45 days, barring any adverse weather conditions or
other unforeseen circumstances.
Upon completion, it is intended that the process will be
immediately started to connect the Project to the power grid to
commence commercial operations of producing electricity and
subsequently revenue.
As previously reported, the Company is in the process of
acquiring 100% of the Project through its staggered acquisition of
RYEL. 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 commented, "We look forward to the
anticipated commercial operation of this Project as construction
nears completion. We intend 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
Project. 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.
Contact Information Pan Global, Corp. Investor Relations Phone:
877-999-7978 Email: PGLO@panglobalcorp.com
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