Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

April 08, 2009 09:48 ET

Patriot Energy Answers Shareholder Concerns

MONTREAL, QUEBEC--(Marketwire - April 8, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) provided its shareholders and stakeholders with answers to address recent allegation concerning the validity of the binding agreement with Tectane Technologies and its affect on the all cash purchase offer.

The company entered into an exclusive 99-year licensing agreement with Tectane Technologies Corp. for the Dual H2O Engine Oxygenator and the Tri-Brid Engine Technologies on October 15th, 2008. According to our legal counsel, the agreement is valid and in full force and most of all enforceable. The allegations made public by Tectane's President, Mr. Nino De Santis are completely false and without merit and are simply a continued ploy to obtain additional shares from Patriot Energy. Discussions have been ongoing with Mr. De Santis and Tectane Technologies and we expect a resolution shortly. However, it should be noted that the acquiring party is prepared to continue discussion with Mr. De Santis post the acquisition of Patriot Energy and that Mr. De Santis' disagreement does not and will not take the acquisition off path.

Copies of the binding agreement can be viewed on the company's website at the following link: www.patriotenergycorporation.com and the agreement has also been disclosed through the OTC Pinksheets and will be available through their disclosing website within the next 48 hours.

"The Tectane team has been unable to get true value for their shareholders in the many years they have been in business and we have managed to turn-around both our company and theirs in a very short period of time and even managed to sell the company, which will greatly benefit our shareholders in the short and long term and also greatly benefit the shareholders of Tectane in the long-term", said Mr. Tony Bisante, President of Patriot Energy Corp. "In the many discussions and correspondence with Mr. De Santis, it was never a question of Tectane shareholders but rather himself personally and how much more shares he could obtain and even requested his shares be registered free trading and this request was denied and we believe this is the main cause for the disagreement", further added Mr. Bisante.

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 (fully diluted): 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