Patch International Inc.

April 11, 2016 18:51 ET

Patch International Provides Update on Loan to Formation Fluid

CALGARY, ALBERTA--(Marketwired - April 11, 2016) - Patch International Inc. ("Patch International" or the "Corporation") announces that in connection with its CAD$500,000 loan to Formation Fluid Management Inc. (DBA Formation Fluid Technology) ("Formation Fluid"), as previously announced on November 6, 2015, Patch International had engaged in negotiations to enter into a business transaction with Formation Fluid, on such terms as were yet to be determined, that would result in Formation Fluid acquiring the issued and outstanding securities of Patch International. Patch International made the loan to alleviate financial hardship being experienced by Formation Fluid and to allow time for the parties to agree on terms for a potential business transaction. Patch International cautions that there is no guarantee that the prior negotiations or any future negotiations will result in a business transaction, or if a business transaction is undertaken, as to its terms or timing.

Forward-Looking Information Advisory

Statements in this news release may contain forward-looking information including with respect to a potential business transaction with Formation Fluid. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that they will prove to be correct. Actual results and future events may differ materially from those anticipated and accordingly forward-looking statements should not be unduly relied upon. Forward-looking statements contained in this document speak only as of the date of this news release. Except as required by applicable law, the Corporation disclaims any obligation to update any forward-looking information

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