Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

June 02, 2009 12:28 ET

IMPORTANT: Patriot Energy Terminates Talks with Middle Eastern Group and Provides Updates to Shareholders

MONTREAL, QUEBEC--(Marketwire - June 2, 2009) - Patriot Energy Corporation (PINK SHEETS: PGYC) announced today that it has terminated talks with the Marmara and its Middle East holding.

STOCK PURCHASE AGREEMENT

According to the company, Marmara and its affiliates could not explain the discrepancies uncovered and or explain their relationship with Nino De Santis, Tectane Global and other known affiliates. In addition, the Middle Eastern company's failed to deposit the funds in escrow as per the agreed upon terms. The transaction is therefore terminated and the meeting planned for June 9, 2009 is cancelled. The company expects to call a new shareholder's meeting to review their findings and approve the $736 million legal action or $2.00 per share against the Middle Eastern companies, Tectane Global, Nino De Santis and other known affiliates.

TECTANE AGREEMENT

Furthermore, Tectane has been unable to deliver the device needed to fulfill the company's purchase order from Toshkent Overseas and has caused Patriot Energy to default on its delivery schedule. Patriot Energy has terminated its distribution agreement with Tectane and separate commercial litigation will be considered and presented to shareholders.

NEW OPPORTUNITIES

The company is currently working with several firms for the licensing and or acquisition of energy efficient devices as well as environmentally friendly technology to be offered to the company's existing clients and market. The company expects to announce a transaction on or Before September, 2009. A new website is also being developed and we expect to launch in August 2009.

www.patriotenergycorporation.com.

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.

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

  • Patriot Energy Corporation
    Tony Bisante
    514-253-7000