CORRECTION FROM SOURCE: Patriot Energy Provides Complete Disclosure
April 07 2009 - 12:58PM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) is pleased to provide
its shareholders and stakeholders complete disclosure today.
All Cash Purchase Offer
The company has received an all cash purchase offer for all of
the outstanding shares of the company at a price of $0.42 per share
and a special royalty share, which will pay a $0.02 quarterly
royalty.
Confidentiality of the Offering Party
According to the all cash purchase offer, the acquiring party is
to remain confidential until all regulatory procedures have been
met including but not limited to a vote in favor of the offer by
the majority of shareholders through the mailing of the information
circular to all shareholders and a shareholders meeting. The
offering party does not want its identity disclosed until such time
as the offer is accepted and shares are tendered in an attempt to
avoid any market confusion on their own stock and its current
trading levels.
Increase in Capital
The authorized capital of the company was increase to 1 billion
shares from its original 200 million to allow the issuance of the
special royalty shares as well as an issuance to the inventor and
key management in lieu of a cash payment. The current issuance of
shares are being done under rule 144 and are therefore restricted
from resale and are included in the all cash purchase offer and
therefore will not affect the price of the offer.
Position Report
Management did not and does not own any "free trading" shares.
Management intends to acquire up to 32,000,000 shares and a
position report of management's holding will be reported to
shareholders in a timely manner.
Online Shareholders Vote
The company has received 152 shareholder votes online in favor
of the all cash purchase offer and 2 shareholders have voted
against. The number of shares is to be verified with each of the
brokerage firms and cross referenced with the mailing and
shareholders meeting as well as being audited by an independent
firm to give it full force and effect.
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: 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
Patriot Energy Corporati... (CE) (USOTC:PGYC)
Historical Stock Chart
From Apr 2024 to May 2024
Patriot Energy Corporati... (CE) (USOTC:PGYC)
Historical Stock Chart
From May 2023 to May 2024