cost of 8% which is payable upon delivery of the funds into a Certificate of Deposit in the designated Pakistani bank into the account for the lender. Bergamo has no up frot fees.when this is complete Bergamo will trade at $10 dollars not .10 cents,do the math.
Bergamo Acquisition Corp. and Bergamo E&A Receive Terms for $1.5 Billion USD Financing Agreement for Two Pakistan Energy Projects
Ticker Symbol: U:BGMO
-Clean Coal Power Plant and the Construction and Production of an LED Lighting Fixtures Facility-
LAS VEGAS, May 7 /PRNewswire-FirstCall/ -- Bergamo Acquisition Corporation announced today that its wholly owned subsidiary, Bergamo E&A, has received a Term Sheet to provide $1,500,000,000 USD in financing for two energy projects in Pakistan. The financing is for a term of seven years at 2.5% per annum and with an up-front cost of 8% which is payable upon delivery of the funds into a Certificate of Deposit in the designated Pakistani bank into the account for the lender. These funds will be used to finance the two energy projects. Once Bergamo Acquisition Corp. accepts and signs off on the funding, the deal will be closed and will fund within 30 days as required in the Agreement.
Hillard Herzog, President and CEO of Bergamo Acquisition Corp., remarked, "After reviewing the specifics of the Term Sheet, we find everything to be workable for the Company. We are aggressively moving forward and expect this deal to be closed and funded shortly. The people of Pakistan need new sources of energy and these two clean energy projects will make a significant contribution to improving their lives. The Pakistani Government sees the improvement in the standard of living for its citizens as a key component to peace and stability for its democracy."
Bergamo E&A will provide solar and LED high efficiency lighting for which over one half of the financing will be dedicated. The remainder of the $1.5 billion USD financing will support the construction of a clean coal fired energy plant. This plant is to be engineered to the highest, environmentally safety standards. Bergamo E&A entered into a Letter of Intent with Pakistan on July 11, 2008, for a seven year Energy Purchase Agreement. Pakistan agreed to provide a suitable and appropriate location to develop what was subsequently agreed to be a 544 MW coal fired power plant supported by a negotiated tariff for the price of coal with all agreements to be guaranteed by the Government of Pakistan and all financial obligations incurred on a non-recourse basis.
Bergamo Acquisition Corp. is very sensitive to the environment. The standards for the clean coal project are equivalent to the State of California. The solar and LED lighting are both very good for the environment. The solar lighting means that the abundance of sunshine during the day will light key highways and other critical areas of the nation's infrastructure at night.
In addition, a Letter of Intent for a Rental Service Contract was signed between Bergamo E&A and the Government of Pakistan, on November 7, 2008, for a 544MW coal fired power plant to be delivered to the site and agreed upon between the parties and will be operational within fourteen months. The Agreement provides that the plant will be located at a site provided by the Pakistani Government near Pataro, Jamshoro, Province of Sindh. This is the location of the Thar Desert which has immense coal reserves estimated at 272 billion tons. These lignite reserves are of a quality suitable for combustion in power generation and are projected to be sufficient to produce energy for Pakistan for the next 200 years. The Letter of Intent also provides for a five year Operation and Maintenance Service Agreement.
The Pakistani Government agreed to provide a 7% down payment to be paid within ten days from the submission of the advance payment bank guarantee which is anticipated to be roughly $60M USD. In accord with these agreements, the Arif Habib Bank will serve as investment bankers and advisors in Pakistan. Arif Habib Bank has been picked to accept the $1.5 billion USD Certificate of Deposit to support the Bergamo E&A activities in Pakistan.
Bergamo E&A has engaged Salim Chamdia, the former Chairman of The Karachi Stock Exchange, to assist Bergamo in its financial undertakings in Pakistan. Mr. Chamdia has been named a Vice President and a Director of Bergamo E&A.
The April 2009, BMI Pakistan Power Report forecasts Pakistan will account for 1.35% of Asia Pacific regional power generation by 2013. BMI has forecasted an increase in regional generation by 2013 of 34%. BMI forecasts Pakistan power consumption will increase as production increases which assumes a 4.3% annual growth in electricity generation. Between 2007 and 2018, BMI is forecasting an increase in Pakistani electric generation of 63.2%, which is mid-range for the Asia Pacific region.
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 Information:
Bergamo Acquisition Corp
Hillard Herzog
President & CEO
Tel: (702) 269-0820
Email: hillardbergamo@aol.com
Web: www.BergamoCorp.com
Investor Relations:
Quarterback Investor Relations
John Pentony, President
Tel: (469) 252-3030
Email: John@QuarterbackIR.com
Web: www.QuarterbackIR.com
The Eversull Group, Inc.
Jack Eversull, President
972-378-7917
972-378-7981 (fax)
Email: jack@theeversullgroup.com
Web: www.theeversullgroup.com
Bergamo Acquisition Corporation
CONTACT: Hillard Herzog, President & CEO of Bergamo Acquisition Corp,
+1-702-269-0820, hillardbergamo@aol.com; or Investors, John Pentony,
President of Quarterback Investor Relations, +1-469-252-3030,
John@QuarterbackIR.com; or Jack Eversull, President of The Eversull Group,
Inc., +1-972-378-7917, fax, +1-972-378-7981, jack@theeversullgroup.com
Web site: http://www.BergamoCorp.com/
http://www.QuarterbackIR.com/
http://www.theeversullgroup.com/
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