Patriot Energy Plagued by Dissident Shareholder
May 18 2009 - 11:12AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
the company stock has been maliciously attached by a dissident
shareholder.
According to trading report and recent issuances, it appears
that Nino De Santis, the inventor of the company's technology has
sold up to 20 million shares into the market creating the adverse
affect on the share price and creating a panic sell amongst other
shareholders.
"It is well known now that Mr. De Santis is not in favor with
the transaction and/or our company, but these attacks need to stop
immediately" said Tony Bisante, President and CEO of Patriot Energy
Corp. "We have tried to settle with him many times over including
issuing him 22 million restricted shares but it is clear that we
will need to proceed against in the court of law." Further add Mr.
Bisante.
These recent attacks comes shortly after the release of the
recent all cash offer of $0.57 per share from Dubai based
Marmara.
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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