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Pan Global, Corp. Comments on Industry Report That the India Renewable Energy Market Opportunity Is Worth USD $10.5 Billion by 2017
Pan Global, Corp. (OTCQB: PGLO) (the "Company") today discusses a recent industry article featured in The Business Standad, India's leading business daily, about the current and potential renewable energy market in India.
The Business Standard June 5, 2014 article reports that as of March 31, 2014, India's installed capacity of renewable energy has touched 32,269.6 Mw, or 12.95% of the total potential available in the country. Further, the article reports that India's Ministry of New & Renewable Energy (MNRE) has set a target of achieving overall energy installed capacity of 41,400 Mw by 2017, creating "an opportunity worth $10.51 billion for the renewable market in India till 2017."
The Business Standard article is available at: http://www.business-standard.com/article/economy-policy/india-achieves-1...
The Company's management commented on the article, "As stated in the Business Standard article, India has the world's fifth largest electricity generation capacity and the demand for power has been growing at a rapid rate and overtaken supply. India's untapped market potential for overall renewable energy has huge growth potential." Management continued, "We believe we're in good position to take advantage of this tremendous opportunity. As previously reported by us, we are implementing our business strategy through our staggered acquisition of Project Badyar, a small-hydro power plant in northern India. We aspire to grow our business through the acquisitions or the development of other renewable energy projects in India and elsewhere. We look forward to continuing the pursuit of the green energy opportunity and our long term goal of building shareholder value."
Photos of Project Badyar can be viewed at the following link: http://www.slideshare.net/slideshow/embed_code/33051642
As previously disclosed, on October 28, 2013, the Company, through its wholly-owned subsidiary, Pan Asia Infratech Corp., entered into a Stock Purchase Agreement ("Acquisition Agreement") with Regency Yamuna Energy Limited, a private India corporation commissioning Project Badyar in northern India ("RYEL"), and the RYEL stockholders, pursuant to which the Company has agreed acquire, on a staggered basis, 100% of the outstanding shares and convertible debt (if not previously converted) of RYEL. Further details of the Acquisition Agreement are available in the Company's periodic and current reports filed with the SEC and available on the SEC's website free of charge at www.sec.gov. The Company currently has a 9.93% equity stake in RYEL.
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 the Company's website at www.panglobalcorp.com, the contents of which are not incorporated into this press release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to, or representing management's beliefs about, our future transactions, strategies, operations, events and financial results. Such forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should" and other similar words or expressions. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.panglobalcorp.com under "Investor Info". You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this news release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this news release, such statements or disclosures will be deemed to modify or supersede such statements in this news release.
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