SOURCE: Pan Global Corp.

January 28, 2014 08:00 ET

Pan Global Corp. Announces First Closing's Third Tranche Now Complete for Small-Hydro Plant Staggered Acquisition

All Funding to Finish Construction of Small-Hydro Plant Now Complete

CARSON CITY, NV--(Marketwired - Jan 28, 2014) - Pan Global, Corp. (OTCQB: PGLO) (the "Company") is pleased to announce that it has recently consummated the Third Tranche of the First Closing of its previously announced staggered acquisition of 100% of the outstanding shares and convertible debt (if not previously converted) of Regency Yamuna Energy Limited ("RYEL"), a privately held India corporation which is commissioning a 5.7 MW small-hydro project in northern India (the "Project").

At the Third Tranche closing on January 27, 2014, the Company, through its wholly-owned subsidiary, Pan Asia Infratech, Corp., purchased 206,897 RYEL Common Shares from RYEL in consideration for Rs. 3,000,000 (approximately $47,543 USD based on the exchange rate on the closing date).

As a result of the previously reported closings of the First Tranche on December 2, 2013, the Second Tranche on December 24, 2013 and now the Third Tranche closing, the Company has purchased, and currently owns, an aggregate of 1,448,277 Common Shares of RYEL, representing approximately 7.51% of RYEL's outstanding Common Shares, in consideration for an aggregate purchase price of Rs. 21,000,010 (approximately $338,992 based on the applicable exchange rate on the respective closing dates). 

Pursuant to the Acquisition Agreement, RYEL is required to use the proceeds from the Third Tranche closing for the completion of the Project. This Third Tranche is the final tranche of the first of three closings, which satisfies the requirement under the Acquisition Agreement to fund the completion of the Project. The Project is estimated to be 95% complete and final construction of the Project has recently commenced.

The Company intends to complete the other closings required by the Acquisition Agreement to fully consummate the acquisition of 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 and the Project are available in the Company's Form 8-K filed with the SEC on October 29, 2013 and available on the SEC's website,

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.

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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 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.

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