Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

April 07, 2009 12:58 ET

CORRECTION FROM SOURCE: Patriot Energy Provides Complete Disclosure

MONTREAL, QUEBEC--(Marketwire - April 7, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) is pleased to provide its shareholders and stakeholders complete disclosure today.

All Cash Purchase Offer

The company has received an all cash purchase offer for all of the outstanding shares of the company at a price of $0.42 per share and a special royalty share, which will pay a $0.02 quarterly royalty.

Confidentiality of the Offering Party

According to the all cash purchase offer, the acquiring party is to remain confidential until all regulatory procedures have been met including but not limited to a vote in favor of the offer by the majority of shareholders through the mailing of the information circular to all shareholders and a shareholders meeting. The offering party does not want its identity disclosed until such time as the offer is accepted and shares are tendered in an attempt to avoid any market confusion on their own stock and its current trading levels.

Increase in Capital

The authorized capital of the company was increase to 1 billion shares from its original 200 million to allow the issuance of the special royalty shares as well as an issuance to the inventor and key management in lieu of a cash payment. The current issuance of shares are being done under rule 144 and are therefore restricted from resale and are included in the all cash purchase offer and therefore will not affect the price of the offer.

Position Report

Management did not and does not own any "free trading" shares. Management intends to acquire up to 32,000,000 shares and a position report of management's holding will be reported to shareholders in a timely manner.

Online Shareholders Vote

The company has received 152 shareholder votes online in favor of the all cash purchase offer and 2 shareholders have voted against. The number of shares is to be verified with each of the brokerage firms and cross referenced with the mailing and shareholders meeting as well as being audited by an independent firm to give it full force and effect.

About Patriot Energy Corporation

Patriot Energy Corp. is a management holding corporation, which owns a wholly owned subsidiary named TelTeck Solutions and owns a 99 year exclusive leased license agreement with Tectane Technologies Corporation for the Dual H2O Engine Oxygenator and New Tri-Brid Engine (Electric/Flex-Fuels/H2O) Technologies. Patriot Energy specializes in the development and marketing of energy efficient technologies with a focus on reducing America's dependence on Foreign Oil.

Total Shares Outstanding: 199,500,000

www.patriotenergycorporation.com

All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.

Contact Information

  • Momentum IR
    Max Gagne
    514-913-0351
    877-253-7001