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.
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