Patriot Energy Corporation

Patriot Energy Corporation

April 01, 2009 11:22 ET

Patriot Energy Corporation Ahead of Schedule on Due-Diligence Process

MONTREAL, QUEBEC--(Marketwire - April 1, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that the due-diligence process started further to the receipt of an all cash offer is well ahead of schedule.

According to the company, the legal due-diligence as well as the preliminary technical review is well ahead of schedule, which will enable the company to release the integral offer in an information circular to its shareholders.

The company expects to release the amount of the offer on or before Aril 10, 2009. The initial offer of $0.33 per share was short of the net discounted cash flow valuation of $0.57 per share and management of both companies has been working to close the gap. One of the ways of closing the gap was the introduction of a special royalty unit, entitling each unit to receive quarterly royalty payments of $0.02.

"We are very confident that we can conclude the due-diligence and receive notification and formal offer by the intended April 10th timeline." said Tony Bisante, President of Patriot Energy Corp."

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

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