Patriot Energy Corporation

Patriot Energy Corporation

June 19, 2009 09:28 ET

Patriot Energy Files Initial Lawsuit Against Tectane and Nino De Santis for $157,000,000

MONTREAL, QUEBEC--(Marketwire - June 19, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that it has officially filed its initial lawsuit case file number 500-17051 006-099 on behalf of the company and its shareholders against Tectane Technologies, Tectane Global, the officers and directors including but not limited to Nino De Santis for a total of $157,000,000, making it the largest commercial litigation in the province of Quebec.

According to court records, Tectane and its President, Nino De Santis has allegedly sabotaged the all cash offer and the licensing agreement in order to bypass Patriot Energy and negotiate the offer for Tectane only. In addition, Tectane has allegedly falsified official government testing documents, which demonstrate the efficacy of the Tectane unit. The company intends to pursue other legal claims in various jurisdiction against Tectane and its management.

The company has also address the cease trade order by the British Columbia Securities Commission (BCSC), whereby the BCSC claims that the BC Instrument 51-509 applies to the company. According to Patriot Energy, it is not subject to BC Instrument 51-509 and therefore the Cease Trade Order by the BCSC is not binding. However, the company intends to file a complete disclosure statement on or before July 15, 2009, whereby it will provide details on the all cash purchase offer, its termination, its distribution agreement, its purchase offer as well as file its financial statements.

"This situation is serious and we will not let Tectane get away with such flagrant harmful actions" said Tony Bisante, President of Patriot Energy Corp. "I have also committed to placing my 82,000,000 shares in escrow as a sign of good faith until we can resolve this situation and provide accurate accounts of what has happened" further added Mr. Bisante.

The company also stated that its research and development partners were working on a hydrogen fuel cell, which is both compact and extremely stable and that Patriot Energy was granted the right of first refusal on the marketing of this revolutionary fuel cell. The company expects to release further information on the fuel cell partnership upon the release of its phase 3 testing.

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.

SOURCE: Patriot Energy Corporation, fuel cell, hydrogen, Quebec, lawsuit

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  • Patriot Energy Corporation
    Tony Bisante