CARSON CITY, NV — (Marketwired) — 10/21/13 — Pan Global, Corp. (OTCQB: PGLO) (“the Company”) is making significant progress in its plans to acquire a small hydroelectric power plant based in India.
On September 10, 2013 the Company, through its wholly-owned subsidiary, Pan Asia Infratech Corp., entered into a non-binding letter of intent (“LOI”) pursuant to which the Company intends to acquire 100% of the outstanding equity of a privately held Indian corporation (the “Target”) which is commissioning a 5.7 MW small-hydro project in northern India (the “Project”). At the time of execution of the LOI the Project is estimated to be 95% complete and has a planned commercial operation date during the fourth quarter of 2013.
Since the execution of the LOI, the Company has engaged Tractabel Engineering () to perform Technical due diligence, engaged Ernst &Young India to perform financial due diligence and assigned the Company–s attorneys to conduct legal due diligence on the Target.
Management: “Site visits have been conducted, future earning models have been analyzed and valuation studies are being commissioned. This represents the Company–s commitment to generate revenue from green energy, one of its key target sectors. The Company is also targeting a 9.5 MW small hydro project as its next potential acquisition.”
India is blessed with an immense amount of hydro-electric potential, ranking 5th globally. As per assessments made by the Central Electricity Authority, India is endowed with economically exploitable hydro-power potential of more than 200 GW, including 7 GW of small-hydro, while just 40 GW of capacity is currently installed.
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Further details of the LOI are available in the Company–s Form 8-K filed with the SEC on September 18, 2013 ().
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.
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