Business & Finance
Business and Finance
Business and Finance
Tue, April 19, 2011 Bergamo Acquisition Updates Shareholders on $35 Million SBLC
HENDERSON, Nev.--([ BUSINESS WIRE ])--Bergamo Acquisition Corp. (OTC:BGMO) announced today that an agreement to monetize its $35 Million USD SBLC has been signed. Listed below are some of the highlights of the agreement signed between Bergamo Acquisition Corp and the buyer of the SBLC.
| FINANCIAL SUMMARY OF THE SBLC TRANSACTION | ||||||
| FACE VALUE OF INSTRUMENT | $35 MILLION USD | |||||
| DISCOUNT RATE | 78% OF THE FACE VALUE | |||||
| COMMISSION PER MFPA | 2% OF FACE VALUE TO BE PAID BY BUYER | |||||
| NET TO BERGAMO | $21 MILLION USD | |||||
| INSTRUMENT | BANK GUARANTEE. CASH BACKED | |||||
| TERMS | 1 YEAR 1 DAY INSTEAD OF 3 YEARS ONE DAY | |||||
| ISSUING BANK | US CAPITAL FUNDING SERIES II TRUST 1 OR AAA WEB OR ANY TOP 25 CORRESPONDING BANKS | |||||
| SETTLEMENT | MT 103 | |||||
| DELIVERY | MT 799 FOLLOWED BY SWIFT 760 AND HAND COPY TO BE DELIVERED VIA BANK BONDED COURIER WITHIN (7) BANKING DAYS. | |||||
| SWIFT FEE TO PROVIDE FOR BY BUYER | ||||||
The company has received the buyera™s complete and signed agreement, together with client information sheet, board resolution, non solicitation letter and Enlarged A4 color copy of signatory passport with full details of the paying and receiving bank coordinates.
As previously disclosed, Bergamo will announce the completion of the SKR and additional energy projects being negotiated.
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.
