Bergamo Acquisition Corp. is pleased to announce a new solar power project for the Republic of Lebanon. This week Bergamo key management will travel to Lebanon to conclude the Letter of Intent (“LOI”) with the Government of Lebanon. Attending this meeting on March 11, 2010 for Bergamo will be Salim Chamdia and Haseeb Fatani, both Vice Presidents of Bergamo E & A. Attending the meeting for Bergamo subsidiary Suntrough Energy, Inc. will be Fazal Chaudhry. The total cost for the project will be USD $500 Million. Under the terms of the LOI, the Lebanese government will provide 100% of the total finance package.
Bergamo E & A will be responsible for the technical know-how and will provide a turn-key operation for the government of Lebanon under the terms of the LOI and the letter of credit to be issued by the Lebanese government to support Bergamo activities and its involvement in the project.
The Letter of Credit will be issued to Bergamo E & A, the wholly owned subsidiary of Bergamo Acquisition Corp. It should be noted that Bergamo will not be required to find a lender or finance source for the project. It should be also be noted that all of the terms have already been agreed to in advance of this meeting. This meeting is to formalize understandings and move forward between Bergamo E & A and the Government of Lebanon.
For most of the past two weeks, Bergamo President and CEO Hillard Herzog has been overseas in connection with the agreement with Esoft Informatics Private Ltd. The Company anticipates an announcement on that funding shortly. Mr. Herzog’s travels are total and apart from the project in Lebanon as announced in this release today.
The Bergamo team is aggressively working on other projects and will be updating investors as developments are confirmed.