Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

March 30, 2009 09:45 ET

Patriot Energy Confirms Receipt of an All Cash Purchase Offer

MONTREAL, QUEBEC--(Marketwire - March 30, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) today confirmed that the board of directors has received a formal purchase offer from a Fortune 500 Corporation.

According to the company, the initial offer, which was structured as an all cash transaction, was short of the discounted cash valuation of the carbon credit trading revenue, which is estimated at $113,715,000 or approximately $0.57 per share. The company is continuing its negotiation and believes that an all cash purchase offer could be concluded shortly and is expected to be somewhere between the initial offer of $65,000,000 or 0.33 per share and the net discounted cash value of $113,715,000 or $0.57 per share. However, it should be noted that upon receipt of a new offer, several milestones will need to be met including a legal and technical due-diligence, and a shareholders meeting to seek acceptance of the offer. Management is very confident that the due-diligence both the legal and technical will be concluded without any issues. The Fortune 500 Company has requested that its name be kept confidential until such time as the offer is accepted by the board of directors and presented to shareholders for approval.

"We had been in discussions for sometime, but this sudden formal all cash offer did catch us a little by surprise" said Tony Bisante, President of Patriot Energy Corp. "We have a strong product, a sound business model and the green shift has forced the hands of many multi-nationals to action. Carbon credits and the reduction of America's dependence on foreign oil are strong advantages in the present and the future economy" 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