CARSON CITY, NV--(Marketwired - Jul 31, 2014) - Pan Global, Corp. (OTCQB: PGLO) (the "Company") today announces that the 5.7MW small-hydro plant the Company is in the process of acquiring northern India ("Project Badyar") through its staggered acquisition of Regency Yamuna Energy Limited ("RYEL") has been connected to the power grid.
Final construction of Project Badyar, according to RYEL, has been divided into two final stages: pre-commercial operation date ("Pre-COD") and post-commercial operation date ("Post-COD"). RYEL management has notified the Company that Pre-COD major construction works have been completed. RYEL management is now undertaking testing, certification and other activities in connection with achieving commercial operations. The certification process includes receipt of certificates of completion and operation from the state government and RYEL's engineers and suppliers based on standard industry testing parameters. Connection to the power grid is part of the process leading to the determination that COD has been achieved. Power generation is scheduled to begin as each of the plant's two turbine engines is tested, first separately and then jointly.
Certain construction activities, including, but not limited to, coating and painting of Project Badyar's conveyance lines, constitute the Post-COD construction.
A slide show about Project Badyar's construction can be viewed through the following hyperlink:
http://www.slideshare.net/slideshow/embed_code/33051642
The Company's Management commented, "We are pleased with RYEL's completion of enough of the construction activities to be able to achieve a key milestone of having Project Badyar connected to the power grid. We look forward to the anticipated commercial operation of the 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, 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. The Company currently owns an aggregate of 93% of the outstanding equity 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.
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