Pan Global, Corp. Announces Positive Initial Site Visits to and Inspections of First Small-Hydro Plant Project in Northern In...
05 Maggio 2014 - 2:00PM
Marketwired
Pan Global, Corp. Announces Positive Initial Site Visits to and
Inspections of First Small-Hydro Plant Project in Northern India
CARSON CITY, NV--(Marketwired - May 5, 2014) - Pan Global, Corp.
(OTCQB: PGLO) (the "Company") today announces positive results from
its recent site visits and construction inspections of the 5.7MW
small-hydro project in northern India ("Project Badyar") currently
in the process of being acquired by the Company on a staggered
basis. Tractebel Engineering Pvt. Ltd., a global engineering
consultancy company
(http://www.tractebel-engineering-gdfsuez.com/), has been
conducting the visits and inspections of the Project on the
Company's behalf. Construction of the Project is currently
anticipated to be completed this spring, barring any adverse
weather conditions or other unforeseen circumstances.
The Company's Management commented, "To date, two site visits
and inspections have been conducted. We are pleased to report
positively on the progress of Project Badyar's construction.
Specifically, the initial site visits demonstrated that RYEL has
made significant progress towards completing construction towards
the commercial operation date. Although work remains to be done, we
do not expect this to impede commercial operations. We look forward
to completing more site visits and inspections as we approach the
launch of Project Badyar's anticipated commercial operation. We
also intend to continue increasing our equity stake in RYEL under
our acquisition agreement with them."
The site visits and inspections are intended to ensure that the
construction has been done at a level acceptable to the Company and
standards that will ensure long term viability of the Project. Once
construction is completed, the process of getting the Project
connected to power grid is intended to begin immediately so that
the Project can commence commercial operations as soon as
possible.
As previously disclosed, on October 28, 2013, the Company,
through its wholly-owned subsidiary, Pan Asia Infratech Corp.,
entered into a Stock Purchase Agreement ("Acquisition Agreement")
with Regency Yamuna Energy Limited, an India corporation
commissioning the Project ("RYEL"), and the RYEL stockholders,
pursuant to which the Company has agreed acquire, on a staggered
basis, 100% of the outstanding shares and convertible debt (if not
previously converted) of RYEL. Further details of the Acquisition
Agreement are available in the Company's periodic and current
reports filed with the SEC and available on the SEC's website free
of charge at www.sec.gov. As of the date of this Agreement, the
Company has a 9.46% equity stake in RYEL.
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 the Company's website
at 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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