Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

April 29, 2009 09:59 ET

Patriot Energy Concludes $255 Million Agreement With Toshent Overseas

MONTREAL, QUEBEC--(Marketwire - April 29, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that it has concluded a distribution agreement with Toshent Overseas valued at $255 million USD, further to the previously announced letter of intent and memorandum of understanding.

According to the Distribution agreement and initial purchase order, Toshent Overseas will purchase and distribute the H2O device in the Russian marketplace and Eurasia on a non-exclusive but preferential basis. Toshent will purchase 12,500 units per month minimum (150,000 per year) for a period of 5 years, representing unit sales of $187.5 million and 67.5 million in recurring revenues.

The consolidated distribution agreement and purchase orders on hand represent over $340 million in revenue for the company over the next 5-years.

The company is planning to provide a letter to shareholders tomorrow to outline the steps taken or to be taken to conclude the sale of the company as well as answer common questions and inquiries. The letter will be sent by email to shareholders that have registered on the company's website and it will also be available for download on the website.

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

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