CARSON CITY, NV--(Marketwired - Nov 4, 2013) - Pan Global, Corp. (OTCQB: PGLO) (the "Company") confirmed today that pre-closing requirements are on track for the Company's acquisition of a small hydroelectric power plant based in India including, but not limited to, the Company's receipt of preliminary technical and financial due diligence reports pursuant to the Company's definitive acquisition agreement.
The Company's management commented, "We have received a preliminary technical due diligence report from Tractebel Engineering (http://www.tractebel-engineering-gdfsuez.com/), which reinforces our confidence in continuing the acquisition process for this small-hydro project. This is an important step towards completing our first acquisition; and we will continue to provide updates with respect to our receipt of pre-closing due diligence information."
As previously disclosed by the Company in a press release issued on October 29, 2013, 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 Regency Yamuna Energy Limited, a privately held Indian corporation which is commissioning a 5.7 MW small-hydro project in northern India (the "Project"), having a valuation of 671,100,000 Rupees (approximately $11,001,639 USD). The Project is estimated to be 95% complete and commercial operation is expected to commence during the fourth quarter of 2013.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, www.sec.gov. The hyperlink to the Company's 8-K is as follows:
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, 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.