Bergamo Acquisition Corp (OTC:BGMO) announced today that the Company has come to terms for three hybrid solar thermal power plants totaling 200 megawatts to be located in India. Bergamo Acquisition Corp's subsidiary in India, Bergamo Harbinsons, has handled the negotiations. Bergamo is to receive a ten percent fee to be paid upfront. The payments will come in the form of irrevocable letters of credit totaling approximately $77.5 million USD.
The Bergamo management team will be meeting in New Delhi, India in about ten days to close these three contracts. Company President Hillard Herzog will be attending the meetings along with Bergamo Harbinsons’ CEO, Subhahsh Shisodia.
Bergamo Acquisition Corp would also like to update investors on the Company's recent financial statements posted January 2 and January 3, 2011. The investment programs are still on target to produce the projected income as outlined in financial statements and in the December 22, 2010 Bergamo press release on the schedule indicated. In connection with these projects, Bergamo Acquisition Corp has finalized an arrangement and confirmed a $35 million USD deposit to be placed in Bergamo Acquisition Corp's account with HSBC Bank. These funds will be incorporated in the Company's investment program.
In the Company’s balance sheet posted on January 3, 2011, the US$35 million cited above is the first part of the US$80 Million included as a long-term asset. The US$45 million balance of that amount will be included in a bank confirmation within the next ten business days.
Bergamo Acquisition Corp expects to complete a financial audit that is GAAP compliant and is consistent with the Company’s year-end closing of January 31, 2011. This will be released as quickly as possible upon completion after that date.
Bergamo Acquisition Corp anticipates a busy month and expects to be updating investors several times over the remainder of January to follow up on the previous announcements and bringing these projects to conclusion.
Safe Harbour Statement: This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.