Pan Global Corp., a company focused on environmentally sustainable energy, infrastructure and technologies, reports that it has accepted the results of the final engineering due diligence report from Tractebel Engineering Pvt. Ltd., satisfying one of the pre-closing conditions for the consummation of the first tranche of the first closing of Pan Global’s acquisition of Regency Yamuna Energy Ltd.
As previously announced, Pan Global, via wholly owned subsidiary Pan Asia Infratech Corp., intends to acquire Regency Yamuna in a staggered transaction of 100 percent of the outstanding shares and convertible debt of the privately held India corporation commissioning a 5.7 MW small-hydro project in northern India.
The conclusions and recommendations of Tractebel’s report support Pan Global’s plan to move forward with the $11.0 million acquisition of Regency Yamuna. Among other things, Regency Yamuna has agreed to accept several recommendations in Tractebel’s report including, but not limited to, the company addressing certain construction deficiencies.
Pan Global said it intends to ensure the construction of the hydropower project adheres to the highest professional engineering standards.
For more information on the acquisition, visit http://www.sec.gov/Archives/edgar/data/1492617/000149315213002093/0001493152-13-002093-index.htm
For more information on Pan Global, visit www.panglobalcorp.com
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