Bounty Developments Ltd.

Patch International Inc.

November 22, 2007 16:32 ET

Bounty Developments Ltd.: Press Release

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2007) - William H. Clark and Bounty Developments Ltd. ("Bounty") announce that as a result of Patch International Inc. ("Patch") being declared a reporting issuer in the Province of Alberta, William H. Clark, through his wholly owned company, Bounty, has an obligation to disclose that Bounty owns or exercises control or direction over 437,500 shares of common stock of Patch ("Patch Shares") representing approximately 1.3% of the issued and outstanding Patch Shares prior to the exercise of any convertible securities. Bounty also holds 4,341,489 Series A Preferred Stock (the "Exchangeable Shares") of Patch Energy Inc. (a wholly owned subsidiary of Patch) representing approximately 43.7% of the Exchangeable Shares prior to the exercise of any convertible securities, which are exchangeable into Patch Shares on a 1 to 1 basis. Assuming exercise of all the Exchangeable Shares, Bounty would own or control 4,778,989 (10.87%) of the Patch Shares then issued and outstanding. The ownership of shares was undertaken by Bounty for investment purposes and Bounty may, in the ordinary course of its business, increase or decrease its holdings in Patch.

Bounty is a private issuer controlled by William H. Clark. As a result, Mr. Clark owns or exercises control or direction over an aggregate of 437,500 Patch Shares representing approximately 1.3% of the issued and outstanding Patch Shares prior to the exercise of any convertible securities and 4,341,489 Exchangeable Shares. Assuming exercise of all the Exchangeable Shares, Mr. Clark would own or control 4,778,989 (10.87%) of the Patch Shares then issued and outstanding. Mr. Clark may, in the ordinary course of his business, increase or decrease his holdings in Patch. The foregoing fully diluted percentages are based on the issued and outstanding Patch Shares as of August 31, 2007 and assume that all special warrants Exchangeable Shares have been converted into Patch Shares for a total of 43,952,213 Patch Shares.

Contact Information

  • Bounty Developments Ltd.
    William H. Clark
    President
    (403) 264-4994