Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

May 14, 2009 14:41 ET

Patriot Energy Receives New Stock Purchase at $0.57 Per Share and Will Disclose Acquirer

MONTREAL, QUEBEC--(Marketwire - May 14, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) announced today that it has received a revised and final all cash stock purchase offer at $0.57 per share, however the royalty shares have been eliminated to allow for a larger upfront purchase price.

According to the company, shareholders will vote on the purchase offer on June 9, 2009 at 9:00am further to the notice of a special meeting of shareholders. The company is currently finalizing all proxy and information circular and said documents will be available for shareholders on the company's website and by mail by no later than May 15, 2009.

It should be noted that a mutual press release will be issued on May 15, 2009, whereby the company has received permission to release the name and coordinates of the acquirer, which will be in accordance with the release of the information circular

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