Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

May 18, 2009 09:30 ET

Patriot Energy Management Recommends New Offer And Forwards Proxy And Information Circular to Shareholders

MONTREAL, QUEBEC--(Marketwire - May 18, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that management is in favour of the new purchase offer and urge shareholders to accept this new premium offer.

The all cash offer sets the purchase price at $0.57 per share. The offer comes from Dubai based Marmara Motorlu, a subsidiary of Marmara Parts headquartered in Istanbul, Turkey.

According to the company, the transfer agent has received the proxy and information circular and said documents will be mailed to shareholders immediately to conclude the transaction if shareholders were to vote in favour of the all cash offer. The company has chosen Stalt to be the paying agent and Marmara will be required to transfer funds to the paying agent within 10 days of the approval by shareholders.

The shareholders will vote on the purchase offer on June 9, 2009 at 9:00 further to the notice of a special meeting of shareholders. The company has made available the proxy documentation as well as the accompanying information circular by on its 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