Patriot Energy Receives Formal Purchase Offer and Now Seeks Shareholder Approval
April 03 2009 - 3:30PM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
it has received a formal all cash purchase offer for all of the
shares of the company at a price of $0.42 per share in addition to
the special royalty unit.
According to the purchase offer, the information circular will
be mailed to shareholders in the next two weeks to seek approval of
the purchase offer and request the shares be tendered to the
transfer agent against payment of $0.42 per share and the issuance
of a special royalty unit. The board of directors will also seek to
call a shareholders meeting in presence of an independent audit
committee to tabulate the results of the vote. The record date is
May 22, 2009 and shareholders of record at said date will need to
tender their shares to receive the payment and royalty payment.
"We are glad to have accomplished and negotiated a higher price
for our shareholders" said Tony Bisante, President and CEO of
Patriot Energy Corp. "There are several other milestones to
complete and we will continue to work vigilantly on attaining each
and every one of these milestones" 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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