Patriot Energy Corporation
PINK SHEETS : PGYC

Patriot Energy Corporation

March 31, 2009 09:45 ET

Patriot Energy's Purchase Offer to Include Royalty Unit for Shareholders

MONTREAL, QUEBEC--(Marketwire - March 31, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) today confirmed that the companies have agreed to include a special royalty unit for shareholders of record.

According to the company, the offer being formalized will include a special royalty unit for shareholders of record, entitling each unit to receive quarterly royalty payments of $0.02. The special royalty units are expected to be issued and distributed via a special dividend to the shareholders of record. However, the entire transaction including the price of the Purchase Offer will be announced shortly. Negotiations are underway and management expects to settle on a price by no later than April 10, 2009, whereby the price is expected to be in between the latest offer of $0.33 per share and the expected price of $0.57 per share.

"We are working to formalized all aspects of the Purchase Offer including a tremendous royalty upside for our shareholders" said Tony Bisante, President of Patriot Energy Corp. "The parties are very enthusiastic in concluding this transaction in an expedient way and without issues". 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
    1-877-253-7001