Patriot Energy Confirms Receipt of an All Cash Purchase Offer
March 30 2009 - 9:45AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) today confirmed that
the board of directors has received a formal purchase offer from a
Fortune 500 Corporation.
According to the company, the initial offer, which was
structured as an all cash transaction, was short of the discounted
cash valuation of the carbon credit trading revenue, which is
estimated at $113,715,000 or approximately $0.57 per share. The
company is continuing its negotiation and believes that an all cash
purchase offer could be concluded shortly and is expected to be
somewhere between the initial offer of $65,000,000 or 0.33 per
share and the net discounted cash value of $113,715,000 or $0.57
per share. However, it should be noted that upon receipt of a new
offer, several milestones will need to be met including a legal and
technical due-diligence, and a shareholders meeting to seek
acceptance of the offer. Management is very confident that the
due-diligence both the legal and technical will be concluded
without any issues. The Fortune 500 Company has requested that its
name be kept confidential until such time as the offer is accepted
by the board of directors and presented to shareholders for
approval.
"We had been in discussions for sometime, but this sudden formal
all cash offer did catch us a little by surprise" said Tony
Bisante, President of Patriot Energy Corp. "We have a strong
product, a sound business model and the green shift has forced the
hands of many multi-nationals to action. Carbon credits and the
reduction of America's dependence on foreign oil are strong
advantages in the present and the future economy" 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 877-253-7001
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