Pan Global, Corp. Shareholder Update: Anticipated Two Stage
Completion of Small-Hydro Plant and Connection to Power Grid
CARSON CITY, NV--(Marketwired - May 15, 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 of acquiring in northern India ("Project Badyar") pursuant
to its staggered acquisition of Regency Yamuna Energy Limited
("RYEL").
Final construction of Project Badyar, according to RYEL, is
being divided into two final stages pre-commercial operation date
("Pre-COD") and post-commercial operation date ("Post-COD").
Pre-COD is anticipated to be completed as major civil works,
including, but not limited to, construction of the Diversion Trench
Weir structure, come to a close, barring any adverse weather
conditions or other unforeseen circumstances.
As per RYEL, dividing the remaining construction into two stages
allows for Project Badyar to adhere to a schedule of being
connected to the power grid on an anticipated timeline of late
spring/early summer.
Upon completion of Pre-COD construction, it is intended that the
process will be immediately started to connect Project Badyar to
the power grid to commence commercial operations of producing
electricity and, subsequently, revenue.
Certain construction activities, including, but not limited to,
coating and painting of Project Badyar's Conveyance Lines,
constitute the Post-COD construction.
For a visual representation of the construction please review
the following slide show containing photos Project Badyar:
http://www.slideshare.net/slideshow/embed_code/33051642
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 interest in
RYEL.
The Company's Management commented, "We are pleased with RYEL's
planned division of construction activities, and look forward to
the anticipated commercial operation of this project as the final
two stages of construction near completion. We intend to continue
to increase our equity interest in RYEL under our acquisition
agreement with RYEL."
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 Project Badyar ("RYEL"), and the RYEL stockholders,
pursuant to which the Company has agreed to 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.
Contact Information: 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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