Pan Global Corp. Shareholder Update: Pre-Closing Requirements to Acquire Small-Hydro Project on Track
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:
(http://www.sec.gov/Archives/edgar/data/1492617/000149315213002093/0001493152-13-002093-index.htm)
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.
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