Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

May 15, 2009 13:37 ET

Patriot Energy Receives New Stock Purchase Agreement at $0.57 Per Share From Marmara Motorlu of Dubai

MONTREAL, QUEBEC--(Marketwire - May 15, 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 from Dubai based Marmara Motorlu, a subsidiary of Marmara Parts headquartered in Istanbul, Turkey.

According to the stock purchase agreement signed and mutually announced today, Marmara will acquire all of the outstanding shares of Patriot Energy Corp. at a price of $0.57 per share in an all cash transaction, however, the previously announced royalty shares are eliminated from the offer to allow for a larger upfront price. 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 plans to make available the proxy documentation as well as the accompanying information circular by no later than end of day May 15, 2009.

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