On January 21, 2014
Pan Global disclosed that it was in talks with a key developer in India’s
geothermal industry about a prospective partnership about investing in a
geothermal power plant in India. The company provided an update on those talks,
saying that it and its prospective partner have made strong progress in their
negotiations. Pan Global anticipates that the next round of negotiation will
center on creating a framework for partnership on a specific plant project.
Pan Global’s
management commented, “We have previously stated our plans to include
geothermal energy as one of the Company’s focus areas within the renewable energy
sector. We are pleased to update our shareholders that our plans regarding
geothermal are progressing.”
Pan Global has not
yet entered into any binding agreements. It will continue to provide updates as
it weighs the merits of this investment opportunity, conducts due diligence,
and makes progress in negotiations. If it were successful, the partnership
would be Pan Global’s entry into the geothermal energy production market in
India.
Pan Global also
recently reported strong progress in its staggered acquisition of its
small-hydro acquisition target, a 5.7MW small-hydro plant in northern India.
Construction on the plant is almost finished, and Pan Global has commenced site
visits and inspections for ensuring the plant’s construction meets quality standards.
Another recent
company development was Pan Global’s reception of a research and development
report for its planned hydroponic greenhouse operation in northern India
(Punjab, India). The report had been put together by an agricultural consultant
with over 20 years of industry experience. On October 17, 2013, Pan Global
entered into a lease agreement for five-acre panel in Punjab for an initial
term of 10 years with the purpose of building and operating a greenhouse
growing facility. The hydroponic greenhouse operation will be concentrated on
vegetable crops. The initial growing efforts will include the production of a
certain variety of peppers, seedless cucumbers, tomatoes, and commercial flower
crops. Pan Global anticipates the design phase of the first greenhouse facility
being completed by September 2014.
For more
information, visit: www.panglobalcorp.com
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