Patriot Energy's Purchase Offer to Include Royalty Unit for Shareholders
March 31 2009 - 9:45AM
Marketwired
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.
Contacts: Momentum IR Max Gagne 514-913-0351 1-877-253-7001
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