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Coal reserves: proper utilisation can help overcome energy crisis: Shahbaz
RECORDER REPORT
Lahore (October 02 2009): Punjab Chief Minister, Muhammad Shahbaz Sharif, has said that proper utilisation of coal reserves, available in the province, could help overcome energy crisis. He said that Punjab government had finalised a comprehensive and consolidated coal policy that would go a long way in generation of power as well as increasing foreign investment.
He was talking to a high level delegation of Overseas Investors Chamber of Commerce and Industry at Chief Minister's Secretariat, here Thursday. Heads and representatives of Proctor and Gamble, Faysal Bank, Karachi Electric Supply Corporation, SGS Pakistan, Attock Cement, Pakistan Petroleum, Oxford University Press, BMA Capital Management and Asia Petroleum were present.
Congratulation to everyone who held there BGMO shares.
Rewards are comming
BA BA BA BOOOO YAHHHHHHHHHHH !!!!!!!!!!!
Add 1 more zero $20.00
Just landed
need the flight # LOL
Asif Zardari arrived Italy
EmailWritten by yours on Sep-28-09 11:16pm
From: apakistannews.com
President Asif Zardari has arrived in Rome for a three-day visit where he will meet with Italian leaders as well as Pope Benedict XVI.
Delegation is back in Pakistan tomorrow.
Sovereign Guarantee
Comming Soon
$1 Billion USD
ISLAMABAD (September 27, 2009)
The passage of Kerry-Lugar Bill under which Pakistan would receive $1.5 billion annually, is confidence of the US leadership over the democratically elected government of Pakistan and it would bring economic stability in the country.
Power crisis may worsen: Pepco
HAMID WALEED
LAHORE (September 26 2009): Ongoing spell of mercury rise is set to aggravate power crises in the country, as the shortfall of 3000 Megawatts stands unmoved with four to six hours of announced load shedding in the country. According to the Pakistan Electric Power Company (Pepco) sources, the power demand has shot up with the unusual rise in temperature over the last fortnight, resulting in an increase in usage of air-conditioners around the country, pushing up the power shortfall beyond 3000 MW.
The sources added that the shortfall may rise further if the situation persists. It may be noted that the air-conditioners, besides other electronic appliances, were utilising over 5000 MW electricity during peak summer season, causing a huge shortfall in demand and supply. This huge difference in demand and supply is also resulted into withdrawal of exemption of load shedding to the textile industry in the May last. The Pepco is observing five hours announced load shedding in the textile sector since then. There was a minor change in the schedule when the weather had witnessed a mild downward change in mercury. However, the exemption was still not extended to the industry despite a clear-cut commitment in the first-ever-five-year textile policy announced by the Federal government in July end.
It may be noted that the Pepco is expecting to overcome the power shortfall by December next with the installation of 19 Rental Power Plants (RPPs), likely to generate 3500 MW. However, the independent industry sources are contradicting the claims by stating that the Pepco would not be able to get more than 450MW out of RPPs. Further, they have feared that introduction of RPPs to the system would also burden the textile industry, as it would have to share sui gas with the RPPs.
Sunday, September 27, 2009
Zardari’s visit won unprecedented support for Pakistan: Farhatullah
NEW YORK: President Asif Ali Zardari on Saturday wrapped up his six-day visit to New York, which the president’s spokesman Farhatullah Babar said had won Pakistan unprecedented strategic support, in addition to boosting the confidence of the country's democratic set up.
Briefing the media, Babar said a key achievement of Zardari’s visit was the passage of the Kerry-Lugar bill by the US Senate that would triple economic assistance to Pakistan with $1.5 billion being paid annually for five years. Babar pointed out that the measure represented long term commitment on the part of the US to Pakistan, something that Washington had not done for any country in recent years.
Saturday, September 26, 2009
Friends to focus on Pakistan’s energy sector next.
NEW YORK: Recognising problems being faced by Pakistan in the form an electricity shortfall, the Friends of Pakistan forum has said the next area of focus would be support for Pakistan’s efforts in forming a sustainable, integrated energy plan.
A joint statement – issued by US President Barack Obama, President Asif Ali Zardari and British Prime Minister Gordon Brown at the end of the forum’s summit on Thursday – said participants of the latest summit of the forum had agreed to assist and support for economic and human development in Pakistan.
Saturday, September 26, 2009
US appoints special energy coordinator for Pakistan
NEW YORK: The US has appointed a special international energy coordinator, who will report directly to US Secretary of State Hillary Clinton, to help Pakistan secure energy security by assisting it in implementing energy projects. President’s spokesman Farhatullah Babar told journalists following a meeting between Clinton and President Asif Ali Zardari on Thursday that the international energy coordinator would visit Pakistan later next month to discuss the ongoing energy projects and expedite them with US assistance. He said Clinton had assured the president that no project would be undertaken without reference to and clearance from Pakistan’s relevant departments and officials.
Bergamo CEO Returns to The Big Biz Show - September 22, 2009
Hillard Herzog appears on The Big Biz Radio Show on the Business Talk Radio Network - September 22, 2009
LISTEN TO THE INTERVIEW
bergamocorp.com
World Leaders Rally in Support for Pakistan
By David Gollust
United Nations
24 September 2009
President Barack Obama (l) and Pakistani President Asif Ali Zardari (r) at the informal Friends of Democratic Pakistan meeting in New York, 24 Sep 2009
President Barack Obama co-chaired a meeting of world leaders in New York Thursday aimed at generating political and economic support for Pakistan. The meeting coincided with U.S. Senate passage of a five-year non-military aid package for Pakistan.
U.S. officials say there was spontaneous applause at the meeting, at a New York hotel, when word arrived of Senate approval of the five-year Pakistan aid plan, which would triple civilian U.S. assistance to about $1.5 billion a year.
U.S., other nations pledge support for Pakistan
Thu Sep 24, 2009 9:28pm EDT
* U.S., others vow to support Pakistan against Taliban
* Group to focus on Pakistani energy sector
By Arshad Mohammed
NEW YORK, Sept 24 (Reuters) - U.S. President Barack Obama and the leaders of more than a dozen nations vowed on Thursday to support Pakistan as it grapples with a Taliban insurgency and deep economic problems, including chronic power shortages
President Zardari attends reception hosted by US President Obama
NEW YORK, Sept 24 (APP): President Asif Ali Zardari attended the reception hosted by US President Barack Obama on Wednesday evening for heads of States attending the United Nations general assembly session. President Zardari will co-chair the first summit of the Friends of Democratic Pakistan today along with US President Barack Obama and British Prime Minister Gordon Brown, which will be attended by 25 countries including international financial institutions.
The President will spell out the vision of Pakistan at the summit, outline the challenges facing the country and identify the areas in which international community will be exhorted to extend support and assistance in overcoming the problems.
President Zardari attends Clinton Global Initiative meeting
NEW YORK, Sept 23 (APP): President Asif Ali Zardari attended the annual meeting of the Clinton Global Initiative (CGI), an event that brought together Tuesday leaders from business, government, academia, science, religion, and non-governmental organizations, including numerous heads of state, former heads of state, CEOs of multinational corporations and prominent philanthropists. President Barack Obama addressed the opening session of the Fifth Annual Meeting, which was attended by more than 60 Current and Former Heads of State. He appreciated the work being done by the CGI in improving the lot of the underprivileged in several parts around the world.
President Bill Clinton welcomed the world leaders. Foreign Minister Shah Mahmood Qureshi and Ambassador Husain Haqqani met with their counterparts from other countries.
Since 2005, more than 100 current and former heads of state; hundreds of leading CEOs, philanthropists, and NGO leaders; and 10 of the last 16 Nobel Peace Prize laureates have attended CGI’s Annual Meeting.
This year leading voices from every sector will take action in CGI’s four global challenge areas: education, energy & climate change, global health, and economic empowerment.
Yesterday's is now on the BGMO website.
Bergamo CEO Returns to The Big Biz Show - September 23, 2009
Hillard Herzog appears on The Big Biz Radio Show on the Business Talk Radio Network - September 23, 2009
LISTEN TO THE INTERVIEW,ON WWW. BERGAMOCORP.COM
http://www.businesstalkradio.net/
go to archives Tues.Sept 22 hour 1
big bizz show
http://www.businesstalkradio.net/
go to archives Tues.Sept 22 hour 1
Once in a life time opportunity!!!!!!!!
$1 billion dollars
50 million shares outstanding
no dilution to the stock with financing, equals
$20 dollars a share, simple math.
mainstream media comming soon
Add a $100 million dollar domestic financing.
Add a aquisition in the financial service.
The next two weeks are going to be very exciting.
GLTA
It should be noted that the Government of Pakistan has never failed to pay an obligation backed with its Sovereign Guarantee.
http://bigbizshow.com/
go to show archive,Tues, Sept. 22 hour 1
http://bigbizshow.com/
Listen to it this isn't brain surgery.
http://bigbizshow.com/
What a great interview,this thing is going to $10.00.
New York, Sep.22 - ANI: Pakistan President Asif Ali Zardari, who is currently in New York to take part in the United Nations General Assembly, held separate talks with United Nations Secretary-General Ban Ki-moon and former President Bill Clinton
News Out
Bergamo Acquisition Corp. CEO Meets Pakistani Delegation in New York This Prior Weekend to Arrange for Sovereign Guarantee of Energy Projects
Ticker Symbol: U:BGMO
LAS VEGAS -- (Business Wire) --
Bergamo Acquisition Corp. (OTC Pink Sheets: BGMO) CEO Hillard Herzog traveled to New York to meet with a very high level delegation from Pakistan this past weekend. The purpose of the meeting was to continue wrapping up final details of the Pakistani Energy projects that Bergamo previously announced. The most important part of the meeting was the discussion of a final letter from the Pakistani Government giving commitment of the Sovereign Guarantee�to Bergamo's wholly owned subsidiary, Bergamo E & A, and the investor in the project. Mr. Herzog was given assurance from the highest levels of the Pakistani Government that this letter would be coming very soon. A funding announcement will take place within days of Bergamo E & A receiving the letter. The Pakistani delegation is still in New York this week to participate in the United Nations General Assembly.
Mr. Herzog will discuss this and other company business in a live radio interview on the Big Biz Show with Richard "Sully" Sullivan on Business Talk Radio today at 1:05 PM Pacific Time. To tune into the interview, visit�http://BigBizShow.com. The interview will be archived and linked on the Bergamo web site�within hours of the interview. To find the archived interview, please visit http://www.BergamoCorp.com after the broadcast.
Certain statements contained in this document may constitute "forward-looking statements." When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "investigate," "looking at" as they relate to Bergamo Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
CONTACT
Bergamo Acquisition Corp.
Hillard Herzog, President & CEO, 702-269-0820
hillardbergamo@aol.com
www.BergamoCorp.com
or
Investor Relations:
Quarterback Investor Relations
John Pentony, President, 972-292-8930
John@QuarterbackIR.com
or
The Eversull Group, Inc.
Jack Eversull, President, 972-378-7917
jack@theeversullgroup.com
NEW YORK, Sept 22, (APP): Former President Bill Clinton Monday promised to help Pakistan in securing much-needed foreign investments that would create opportunities for the country’s economic growth and well-being of its people. The former US president, who heads the Clinton Global Initiative (CGI), told President Asif Ali Zardari at a meeting with the Pakistani leader that his organization would work with Pakistan’s private and public sectors in furthering those objectives.
In this regard, Clinton said he would soon visit Pakistan, according to Spokesman of the president and former Senator, Farhatullah Babar.
President Zardari, who arrived in New York on Sunday night, has a packed schedule of engagements during his stay in New York. He got down to work soon after his arrival.
Hillary to announce select energy projects during her visit
RECORDER REPORT
ISLAMABAD (September 19 2009): Secretary of State Hillary Clinton will announce select energy projects in her upcoming visit to Pakistan, US envoy to Pakistan Anne W Patterson said while talking to Prime Minister Syed Yousuf Raza Gilani at PM House on Friday. Both leaders discussed various aspects of bilateral relations between the two countries.
The US Ambassador informed the Prime Minister that a team of experts from the United States would be visiting Pakistan early next month to discuss the energy projects chosen by the US side, which the Secretary of State Hillary Clinton would announce in her forthcoming visit.
Zardari to attend UN conference in New York
Last Updated: 11:18 IST(20/9/2009)
Pakistani President Asif Ali Zardari is heading a high-level delegation to New York to attend the UN General Assembly; the online news agency reported on Sunday.
Zardari will meet leaders from various countries as well as officials of the UN during the 64th General Assembly session. He will also attend a ceremony to honour former Pakistani Prime Minister Benazir Bhutto.
The president's delegation included Foreign Minister Shah Mahmood Qureshi, Finance Minister Shaukat Tarin and Interior Minister Rehman Malik.
Zardari will co-host a summit-level meeting of the Friends of Democratic Pakistan (FODP) with US President Barack Obama and British Prime Minister Gordon Brown aimed at helping the country to overcome the economic and security challenges there.
More than a dozen countries including Australia, Canada, China, Denmark, France, Germany, and the United Arab Emirates, are invited to the FODP meeting on September 24 on the sidelines of the UN General Assembly.
Revenues from only one project.
Once the power plant is operational, the project is projected to bring in $208,000,000 revenue to Bergamo Acquisition Corp annually, and projected 33,000,000 operating profit annually thru its wholly owned subsidiary Bergamo E&A Corp. The Project can be operational in 12 to 14 months of funding.
Pakistan favourite destination for foreign investors: Gilani
ISLAMABAD (September 13 2009): Prime Minister Syed Yousuf Raza Gilani Saturday said Pakistan has become a destination of choice for foreign investors due to its geo-strategic location, availability of skilled manpower and better infrastructure. He said Pakistan offers enormous investment opportunities in every sector of national economy, particularly in the field of energy due to high demand.
The Prime Minister was talking to Federal Minister for Finance Shaukat Tareen and the Chairman Board of Investment (BOI) Saleem H. Mandviwala, who called on him here at the PM House. He said the government was continuously monitoring the demand and supply situation of energy and will take every step to overcome energy shortages to maintain the momentum of growth and development.
Bergamo Acquisition Corp. (OTC Pink Sheets: BGMO) announced today a $100 million USD financing to be funded through The Bank of India. Bergamo Acquisition Corp. will use the funding to finance domestic projects, although there are no limitations on the use of funds
Verified by business recorder one of the most respected news agencies in Pakistan.
First clean coal plant likely by November 2010
ALI KHIZAR ASLAM AND AYESHA NADEEM RAHMAN Monday, 10 Aug, 2009 5:15 am
ARTICLE : Pakistan will have its first clean coal power generation facility by the end of next year, said Hillard Herzog, the CEO of a US-based energy firm Bergamo E&A in an interview with BR Research of Business Recorder. "Ours is a 544 megawatt clean coal energy project to be set up in Jamshoro, under the terms of your government's rental (power) programme" said Herzog, who oversees the firm's energy business in Pakistan.
"It will be the first coal sequestration project in Pakistan implying clean coal energy with no emission, no carbon footprint. All emissions will be pumped back into the ground and used for industrial purposes". The $420 million project, which will use coal obtained from Lakhra, is estimated to take around 12 to 14 months for completion. "The project should be underway by October - November 2010," said Herzog.
Bergamo E&A - a publicly traded company in the US - has already signed two Letter of Intents; one for coal power generation plant signed with Pepco and the other LoI signed with the Alternative Energy Development Board for a renewable solar energy project. The firm plans to set up a manufacturing plant that would employ 9,000 to 10,000 local workers to make solar parabolic structures to be used for the production of renewable energy. Please turn to page 8 for full text of Hillard Herzog's interview.
At the end of last month, Bergamo E&A signed two LoIs with the government bodies to invest in coal and alternative energy production in the country. In this interview, CEO of Bergamo, Hillard Herzog, shows his optimism on clean coal energy generation and his excitement concerning solar energy based power production in the country. The following are excerpts from the interview.
BR Research: Your firm is currently undertaking two projects in the country; one coal and the other solar power. Can you give us some details about your coal project for starters?
Hillard Herzog: Ours is a 544-megawatt clean coal energy project to be set up in Jamshoro, under the terms of your government's rental program. The first LoI has been signed with Pepco and the terms and conditions are at finalisation stage. The project involves 420 million dollars of investment. This amount covers the equipment, the installation and project costs to bring the project to completion, but it does not include cost of running the plant for five years. The project will produce facility of 544MW (per hour) production in 12 months. The facility is a little cheaper than thermal energy.
BRR: Have the feasibility studies been completed? HH: All feasibility studies, technical requirements with regard to the project have been completed. The project is ready to go forward. Our project will be the first coal sequestration project in Pakistan implying clean coal energy with no emission, no carbon footprint. All emissions will be pumped back into the ground and used for industrial purposes.
BRR: Are you going to import coal or use local Thar coal?
HH: The coal is local, but not from Thar. It's Lakhra coal.
BRR: What is the difference between Thar and Lakhra coal?
HH: Lakhra coal contents are quite different from Thar coal. The basic content of the coal will generate the necessary BTUs without the addition of any foreign coal. The plant would use 300 tones/day of local coal, mined from a designated area (800 acres) that would be sufficient for 5 years.
BRR: Does this coal have high moisture content?
HH: The coal used does not have high moisture content; it has high limestone content. The by-product of the coal is the ingredients that would produce cement blocks. It would produce slack cement for cement blocks as a by-product.
BRR: How long will it take to produce energy?
HH: 12-14 months are required to generate energy after the signing of agreement, which is likely to be signed in the next 30 days. The project should be underway by October-November 2010.
BRR: The problem with thermal projects is its high running costs and imported furnace oil. Here, the coal is indigenous and cheaper. So what would be the running cost and price available to the consumer?
HH: The price we will discuss with NEPRA includes our basic cost of 5 cents per kilowatt and the maximum would be around 9 cents per kilowatt (Rs 7.5 per kilowatt). So, finalised price would be roughly around 9 cents. It would be relatively cheaper than other rental plants.
BRR: So the project will run from 2011 to 2015. And would the cost increase?
HH: No, it has the coal pass through; the coal is based on a specific price so the coal price is fixed. And we've included that cost into the 9 cents. Our cost includes operations, maintenance and repair, whatever has to be done.
BRR: How much coal will be used?
HH: 300 tons per day of coal will be used to run this project.
BRR: And does your company have 100 percent investment in this project?
HH: The government of Pakistan is involved in the project only as a result of the rental program and we're in conformity with the rental program. The government is giving a 14 percent advance which and a guarantee to purchase and pay for the power. That 14 percent is against the sale of the energy. We should produce about 200 million dollars of revenue a year and the government is giving 14 percent of the gross revenue for five years. And that's really a loan; we have to pay it back. Each year we pay back one fifth.
BRR: Do you have plans to set up more coal-based projects in Pakistan?
HH: No, we don't. Although, this project is for five years, the plant can be used for 20 years. Hence, anyone can use this plant for remaining 15 years as a normal IPP.
BRR: Let's talk about your solar power project now?
HH: Yes, solar power technology is an exciting development. Our company develops technology that uses solar power to produce energy. The difference between our technology and the older photovoltaic technology is that photovoltaic requires minimum of 7 to 8 acres per megawatt. We have developed a technology of a self-contained units of 2.5MW each. Furthermore, our cost runs roughly 40 percent of the costs of current photovoltaic.
Your government is interested in purchasing solar power based on a 15cents per kilowatt price. In this regard, we have become the first renewable energy project and our set up would be allowed to connect to the national grid. To produce 50MW of energy using photovoltaic required about 300 million dollars of investment. The same 50 MW, when produced with our technology, will cost about 140-150 million dollars.
Second, the current technology in photovoltaic is not running 24/7, you can't store the energy. We have the capacity to store energy that's created during the day. Pakistan has roughly 300 sun energy days per year. That's a very high count.
Thirdly, and very importantly, we are going to build the first manufacturing facility in Pakistan to actually construct the parabolic structures that are necessary to produce solar energy. The plant will employ 9,000-10,000 people. Some of our people will assist in building and training. At the same time, we'll be importing smaller amounts of solar facilities, in 2.5MW blocks to help jump start energy production. We have decided to install two 2.5 MW units of solar power at Larkana as a model of our first installation.
And if I may add, for me, personally, the excitement has been in what our project can do for you. The name of our project has been; "Pakistan: The Solar Capital of the World". My feeling is that you have the ingredients, we have the technology, we have the investment, we have everything that is necessary to build a facility that's required to build a solar product that you need desperately. For the government, the first priority is that everything that is produced in this facility is used in Pakistan.
BRR: How much area is required for the project?
HH: 4 acres for 2.5MW at the cost of $8 mn.
BRR: What do you think will be the life of this project?
HH: Well, we hope that the life of this project will be well beyond the twenty-year period. The investment in that structure is close to 500 million dollars including the building, the equipment, the training, the structure, everything. Once the deal is signed, that structure will be up and running within 12 to 14 months and we can produce the parabolic structures. Once we do that, we will able to quickly expand the solar megawatt production. The first goal we have in the first 12 months after the plant is open is 500MW of solar. We can produce 500MW of solar at 15 cents a kilowatt at our cost, this is a gigantic step.
BRR: So 14 months are required to finish the plant. How long would it take to produce electricity out of it?
HH: Without waiting for the factory to be set up we can start producing electricity in approximately 6 months. The first 5MW and from that point onwards, depending upon what our people see when they come over here, we can as fast as we can, in producing as much MW as possible.
BRR: Why should one go for solar energy when it's more expensive?
HH: Because it's renewable. In order to generate the amount of megawatt capacity that you need and the investment required, if you don't get off fossil fuels you will not generate sufficient energy.
So solar energy may not be economically viable in the short term but if we look at the long term, with the oil reserves depleting, it would be beneficial. So this short term high cost is just a stepping stone to produce solar energy in Pakistan. And this eliminates the need for fossil fuels.
BRR: How far have you negotiated with the government? When would the final deal be signed?
HH: We have signed the first LoI. The final deal would be signed by the end of August.
BRR: How much energy will be produced by your solar project?
HH: For initial 12-14 months it will produce 500 MW. When the factory will complete, we hope the government to commit 2,000 MW.
BRR: Who are you signing with, the Government of Sindh, the Government of Pakistan or the Ministry of Water and Power?
HH: We are signing with PEPCO. PEPCO has issued us LoI for coal and Alternative Energy Board has issued us the LoI for solar.
BRR: How optimistic are you that this project will be successful in Pakistan?
HH: I have absolutely devoted the last 2 years of my life to bring this to Pakistan. I am confident that we can do this.
Copyright Business Recorder, 2009
Bergamo operates with the support of the government of Pakistan. The Company’s investment and growth will occur on a strict “as-needed” basis, with projects initiated only when their commercial prospects are reasonably assured and the investment risk is minimized. The President of the Islamic Republic of Pakistan, the Honorable Asif Ali Zardari, has been instrumental in assisting Bergamo Acquisition Corp and Bergamo E & A in bringing these clean and renewable energy projects to the people of Pakistan
Turning off your electricity,same as rolling blackouts.
Pepco assures ending loadshedding by December 2009
HYDERABAD (September 11 2009): The Managing Director Pakistan Electric Power Company (Pepco), Tahir Basharat Cheema has vowed the production of 54000 Megawatts electricity by 2020 and assured the ending of load shedding by December 2009.
Addressing a news conference here on Tuesday, he said that energy crisis occurred as a result of delay in implementation on project during the previous regime, however, the present government has almost controlled the situation and by December 2009, there will be no load shedding in the country.
In order to end the load shedding by December 2009, he said that the government has initiated step of bringing rental power projects on temporary basis, however, these projects would have no need with the production of energy from the projects, which are being completed on long term basis. If the work of establishing power projects carried out according to plan, the country would have the ability of producing 54000 Megawatts electricity by 2020, he said.
$100 million reasons Bergamo is a great buy,people need to look out past 24 hours.
Bergamo Acquisitions Corp. Announces $100 Million USD Funding through The Bank of India
Ticker Symbol: U:BGMO
LAS VEGAS -- (Business Wire) --
Bergamo Acquisition Corp. (OTC Pink Sheets: BGMO) announced today a $100 million USD financing to be funded through The Bank of India. Bergamo Acquisition Corp. will use the funding to finance domestic projects, although there are no limitations on the use of funds. The funding is a loan and is secured by Bergamo�s common stock at a price of $1.00 per share. Additional tranches are available at between $2 and $4 per share at the discretion of Bergamo Acquisition Corp. Bergamo intends to repay the loan within twelve months. Domestic projects have already been identified and secured for the use of these funds, and those projects will be announced shortly. Bergamo will be drawing down the first $10 million USD this week. In advance of the first tranche, Bergamo is required to guarantee the commission to the agency that arranged the transaction. The language of the standby letter of credit has now been approved for the first $10 million, USD. Bergamo will be required to draw down the full $100 million USD within 31 days.
Hillard Herzog, President and CEO of Bergamo, commented, "I am very pleased that we can get started with these additional projects. I do want to mention that the initial funds will also be used to make Bergamo more transparent. We will start the process to make Bergamo Acquisition Corp a fully reporting Company and move to the OTC Bulletin Board or higher."
This funding is separate and apart from the Pakistani Energy projects which were announced last week with the $1 billion USD equity investment. Speaking about those projects, Bergamo Executive Vice President and Director, Sohail Parekh, said, "I am excited with the speedy progress of our energy projects and the encouragement by the global financial markets in order to bring this mega project to attainment, which will improve the standard of living for Pakistan and its people."
Another use of funds will be the buy-back of 5,162,158 free trading shares. Full details of this transaction will be released shortly.
Certain statements contained in this document may constitute "forward-looking statements." When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "investigate," "looking at" as they relate to Bergamo Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable, that: (i) Bergamo E&A will successfully develop power projects in Pakistan. Such statements or information reflect Bergamo E&A's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo E&A's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo E&A files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
CONTACT
Bergamo Acquisition Corp.
Hillard Herzog, President & CEO, 702-269-0820
hillardbergamo@aol.com
www.BergamoCorp.com
or
Investor Relations:
Quarterback Investor Relations
John Pentony, President, 469-252-3030
John@QuarterbackIR.com
or
The Eversull Group, Inc.
Jack Eversull, President, 972-378-7917
jack@theeversullgroup.com