Bergamo Acquisition Corporation (OTC: BGMO) ("The Company") is pleased to announce agreements with Elpicon Investments, Singapore, PTE. Ltd. in conjunction with Fortune Mint Holdings Limited, Hong Kong, for capital raising with the issuance of a series of three irrevocable stand-by letters of credit ("SBLC") totaling €300 million Euros (approximately $429 million USD at the most recent exchange rates). The SBLC are issued by US Capital Funding Series ii Trust 1. Each is for €100 million Euros (approximately $143 million USD) with expiration dates of three years and one month. The SBLC's has been monetized with net funds to Bergamo in the net amount of €162 million Euros.
Bergamo Acquisition Corporation PTE. Ltd. (Singapore), Bergamo Acquisition Corporation’s wholly owned subsidiary incorporated in Singapore, has been nominated to receive the proceeds through The Company's account at DBS Bank, Singapore.
The agreements covering this irrevocable transaction is included in a fifteen page signed joint agreement for financing along with an indemnity letter of May 9th, 2011 from Elpicon Investments Singapore to Bergamo Acquisition Corp, Singapore.
Bergamo Acquisition Corporation to make a direct investment in a ‘Green’ Coal Project in Indonesia ("The Project")
The Company has entered into agreements with Elpicon Investments Singapore PTE. Ltd. to invest in a USD$150M, PT Kalimantan Master Coal (PTKMC) Coal Mining Project in East Kalimantan that will produce high quality low sulphur ‘carbon neutral’ coal by implementing a coal and biomass blending. Additional, a reforestation will further aid in the offset the carbon emissions. The Project will be able to sell its 'green' coal at a premium as a result.
Bergamo Acquisition Corporation will issue a US Capital Funding Series ii Trust 1 USD$35M SBLC (3 year ) collateral for the Indonesian bank, CIMB Group, to fund the project. The Company plans a further three year loan of USD $20M within six months of the initial investment.
The Company is projected to earn after costs about 15% of the initial collateral in the first year, and then an additional 10% of the projected net profits of USD $200M annually thereafter.
Planned Stock Repurchase Program
Bergamo Acquisition Corporation would like to announce today that its Board of Directors has authorized a program to repurchase up to $3.0 Million USD worth of shares of The Company's common stock. These repurchases may be made in the open market or in privately negotiated transactions from time to time in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. This program is to proceed in July, 2011 and will expire 6 months from its beginning date. The Company is not obligated to acquire any particular amount of common stock, and this program may be suspended at any time at The Company's discretion.
In connection with this planned buyback and important business closed in recent weeks, Bergamo Acquisition Corporation plans to move forward in July, 2011 in the process of making Bergamo a fully reporting company.
Suntrough Energy, Inc. and Bergamo Acquisition Corporation
Bergamo Acquisition Corporation and Suntrough Energy, Inc. have signed an agreement in which Bergamo Acquisition Corp has agreed to provide funding necessary for projects related to the development of renewable energy in India. Mr. Rudy Roy of Suntrough Energy, Inc., under the direction of Suntrough's President Asif Ansari, has been in India finalizing these agreements. The closing of both of these projects, totaling 30 megawatts, should be completed shortly.
Bergamo Acquisition Corporation has not and will not issue BGMO stock connected with these transactions.
Additional information regarding specifics of these transactions and the financial accounts will be made available on request by appointment at The Company's offices in Henderson, NV on request.
Corporate documentation for Elpicon Investments, Fortune Mint Holdings and PT. Kalimatan are all available at the company office. All documentation has been signed and affirmed under the penalty of perjury, that all information provided is true and that all beneficial owners of the entry capital has been disclosed complete with board resolutions.
There has been much discussion about the validity and issuance of documentary SBLC’s by US Capital Funding Series ii Trust 1, the documentary evidence for each and every SBLC issued through US Capital Funding has gone through extensive due diligence of the banks involved and has been accepted in writing for monetization at the loan to value rate of up to 90%. The Company has the necessary documentation from the banks of the availability of funding connected with these documents. US Capital Funding Series ii Trust 1 has issued these documents to Bergamo Acquisition Corp supported by the projects which we have documented. The basis for which the issuance of to Bergamo Acquisition Corp in conjunction with the above mentioned agreements is supported by projects which the company has entered into and has supplied the necessary documentation to US Capital Funding Series ii trust 1.
The Company has authorized DBS Bank to make the first distribution of funds to USA, which will be wired directly to an attorney's Trust account. Additional funds covering the other Company obligations will be forwarded directly from its DBS bank account in Singapore.
The company anticipates an additional announcement between today and tomorrow, bringing up to date the company’s progress with its projects.
Safe Harbor 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.