IMPORTANT: Patriot Energy Terminates Talks with Middle Eastern Group and Provides Updates to Shareholders
June 02 2009 - 12:28PM
Marketwired
Patriot Energy Corporation (PINK SHEETS: PGYC) announced today that
it has terminated talks with the Marmara and its Middle East
holding.
STOCK PURCHASE AGREEMENT
According to the company, Marmara and its affiliates could not
explain the discrepancies uncovered and or explain their
relationship with Nino De Santis, Tectane Global and other known
affiliates. In addition, the Middle Eastern company's failed to
deposit the funds in escrow as per the agreed upon terms. The
transaction is therefore terminated and the meeting planned for
June 9, 2009 is cancelled. The company expects to call a new
shareholder's meeting to review their findings and approve the $736
million legal action or $2.00 per share against the Middle Eastern
companies, Tectane Global, Nino De Santis and other known
affiliates.
TECTANE AGREEMENT
Furthermore, Tectane has been unable to deliver the device
needed to fulfill the company's purchase order from Toshkent
Overseas and has caused Patriot Energy to default on its delivery
schedule. Patriot Energy has terminated its distribution agreement
with Tectane and separate commercial litigation will be considered
and presented to shareholders.
NEW OPPORTUNITIES
The company is currently working with several firms for the
licensing and or acquisition of energy efficient devices as well as
environmentally friendly technology to be offered to the company's
existing clients and market. The company expects to announce a
transaction on or Before September, 2009. A new website is also
being developed and we expect to launch in August 2009.
www.patriotenergycorporation.com.
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: Patriot Energy Corporation Tony Bisante
514-253-7000
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