Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

April 03, 2009 15:30 ET

Patriot Energy Receives Formal Purchase Offer and Now Seeks Shareholder Approval

MONTREAL, QUEBEC--(Marketwire - April 3, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that it has received a formal all cash purchase offer for all of the shares of the company at a price of $0.42 per share in addition to the special royalty unit.

According to the purchase offer, the information circular will be mailed to shareholders in the next two weeks to seek approval of the purchase offer and request the shares be tendered to the transfer agent against payment of $0.42 per share and the issuance of a special royalty unit. The board of directors will also seek to call a shareholders meeting in presence of an independent audit committee to tabulate the results of the vote. The record date is May 22, 2009 and shareholders of record at said date will need to tender their shares to receive the payment and royalty payment.

"We are glad to have accomplished and negotiated a higher price for our shareholders" said Tony Bisante, President and CEO of Patriot Energy Corp. "There are several other milestones to complete and we will continue to work vigilantly on attaining each and every one of these milestones" 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