Patriot Energy Management Recommends New Offer And Forwards Proxy And Information Circular to Shareholders
May 18 2009 - 9:30AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
management is in favour of the new purchase offer and urge
shareholders to accept this new premium offer.
The all cash offer sets the purchase price at $0.57 per share.
The offer comes from Dubai based Marmara Motorlu, a subsidiary of
Marmara Parts headquartered in Istanbul, Turkey.
According to the company, the transfer agent has received the
proxy and information circular and said documents will be mailed to
shareholders immediately to conclude the transaction if
shareholders were to vote in favour of the all cash offer. The
company has chosen Stalt to be the paying agent and Marmara will be
required to transfer funds to the paying agent within 10 days of
the approval by shareholders.
The shareholders will vote on the purchase offer on June 9, 2009
at 9:00 further to the notice of a special meeting of shareholders.
The company has made available the proxy documentation as well as
the accompanying information circular by on its 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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