Pan Global Corp. (PGLO) Proceeding into Final Phase of Small-Hydro Plant in Northern India

Today before the opening bell, Pan Global reported the final phase of construction has begun on the 5.7MW small-hydro plant in Northern India that it has been intending to fully acquire. The plant’s construction is slated to be completed within the next 90 days. Currently, Pan Global is in the middle of efforts to acquire whole ownership of the plant via staggered acquisition efforts of Regency Yamuna Energy Limited, a privately held Indian company and the party that is commissioning the plant’s construction.

Pan Global noted that it recently closed on the first part of its staggered acquisition efforts, and it currently holds 3.4% equity interest in Regency Yamuna Energy Limited. The company’s management commented, “We are pleased that construction of the last 5% of the project is moving forward. We look forward to increasing our equity interest in Regency Yamuna Energy Limited under our acquisition agreement with it in order to provide it with the needed capital to complete the plant’s construction so the plant can begin generating revenue.”

As previously disclosed, Pan Global, through its wholly owned subsidiary Pan Asia Infratech Corp., entered into a definitive SAP with Regency Yamuna Energy Limited on October 28, 2013. The agreement entails the acquisition of the totality of the Indian company’s outstanding shares and convertible debt that has not been previously converted. Further details in the agreement can be found in Pan Global’s Form 8-K that it filed with the SEC on October 29, 2013, which can be found at sec.gov.

For more information, visit www.panglobal.com

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