CARSON CITY, NV--(Marketwired - Dec 18, 2013) - Pan Global, Corp. (
The Company is in the process of acquiring 100% of the small-hydro plant through its staggered acquisition of Regency Yamuna Energy Limited ("RYEL"), the privately held Indian corporation commissioning the plant. The Company recently announced that it has closed on the first tranche of the acquisition and currently holds a 3.4% equity interest in RYEL. Construction of the plant is anticipated to be completed within the next 90 days, barring any adverse weather conditions.
Company management stated, "We are pleased that construction of the last 5% of the project is moving forward. We look forward to increasing our equity interest in RYEL under our acquisition agreement with RYEL in order to provide them with the needed capital to complete the plant's construction so the plant can begin generating revenue."
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 small-hydro plant. Further details of the Acquisition Agreement 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 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: www.panglobalcorp.com, the contents of which are not incorporated into this press release.
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