Pan Global, Corp. Provides Part D of Shareholders Analysis Series
-- Project Badyar to Earn 4.27 INR ($0.0709 USD) per Kilowatt Hour
Under Power Purchase Agreement With India's State-Owned Power
Corporation
CARSON CITY, NV--(Marketwired - Apr 16, 2014) - Pan Global,
Corp. (OTCQB: PGLO) (the "Company") today announces the 4th of a
five-part series of press releases intended to provide its current
and prospective shareholders with an analysis of the Company's
opportunity in India's green energy industry plus additional
details about Project Badyar, a 5.7MW small-hydro power plant in
northern India currently being acquired by the Company through its
staggered purchase of the outstanding equity (and convertible debt
if not converted) of Regency Yamuna Energy Limited, an India
corporation commissioning the project ("RYEL").
In today's analysis, the Company is pleased to present the
tariffs Project Badyar will earn as revenue under RYEL's Power
Purchase Agreement with India's state-owned power corporation,
Uttaranchal Power Corporation Limited.
Under the Power Purchase Agreement, Project Badyar is to earn a
total of 4.27 Indian Rupees (INR) per kilowatt hour (kWh),
consisting of base gross tariff of 4.22 INR per kWh and an
additional 0.05 INR per kWh because RYEL had constructed certain
transmission infrastructure and transferred it to the state-owned
power company. That total tariff rate equals approximately $0.0709
USD per kWh based on the April 15, 2014 exchange rate as reported
by Bloomberg.
The tariff rates are in accordance with India's Uttarakhand
Electricity Regulatory Commission 2013 regulations and the Power
Purchase Agreement is effective for 35 years following the
commercial operation date of the small-hydro power plant.
Project Badyar is estimated to be 95% complete and is in the
final stages of construction, which is expected to be completed
this month, barring adverse weather or unforeseen
circumstances.
Once construction is completed, the process of getting Project
Badyar connected to the power grid (i.e., commissioned) is intended
to begin immediately so that the plant can commence commercial
operations as soon as possible.
Photos of Project Badyar can be viewed at the following link:
http://www.slideshare.net/slideshow/embed_code/33051642
Company management commented, "We are extremely proud to share
today with our shareholders more details of the first small-hydro
plant the Company is working towards acquiring. RYEL has done a
tremendous job over the past few years in getting Project Badyar's
construction to this stage. Once construction is completed, the
process of getting Project Badyar connected to the power grid is
intended to begin immediately in order to commence commercial
operations as quickly as possible. We are excited to be involved
and look forward to the future. We intend to continue to increase
our equity interest in RYEL under our acquisition agreement with
RYEL."
As previously reported, the Company is in the process of
acquiring 100% of Project Badyar through its staggered acquisition
of RYEL. The Company currently holds a 9.46% equity stake in
RYEL.
Company management commented further, "We look forward to
continuing to provide our shareholders with additional information
and insights into our vision and plans with this Shareholder
Analysis Series. We believe in the path we have chosen, and are
committed to our long term goal of building shareholder value."
As the Company has 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 RYEL and its shareholders, 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.
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.
Pan Global, Corp. Investor Relations Phone: 877-999-7978 Email:
PGLO@panglobalcorp.com
Pan Global (PK) (USOTC:PGLO)
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Pan Global (PK) (USOTC:PGLO)
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