Patriot Energy Concludes $255 Million Agreement With Toshent Overseas
April 29 2009 - 9:59AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
it has concluded a distribution agreement with Toshent Overseas
valued at $255 million USD, further to the previously announced
letter of intent and memorandum of understanding.
According to the Distribution agreement and initial purchase
order, Toshent Overseas will purchase and distribute the H2O device
in the Russian marketplace and Eurasia on a non-exclusive but
preferential basis. Toshent will purchase 12,500 units per month
minimum (150,000 per year) for a period of 5 years, representing
unit sales of $187.5 million and 67.5 million in recurring
revenues.
The consolidated distribution agreement and purchase orders on
hand represent over $340 million in revenue for the company over
the next 5-years.
The company is planning to provide a letter to shareholders
tomorrow to outline the steps taken or to be taken to conclude the
sale of the company as well as answer common questions and
inquiries. The letter will be sent by email to shareholders that
have registered on the company's website and it will also be
available for download on the website.
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.
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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