Patriot Energy Files Initial Lawsuit Against Tectane and Nino De Santis for $157,000,000
June 19 2009 - 9:28AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
it has officially filed its initial lawsuit case file number
500-17051 006-099 on behalf of the company and its shareholders
against Tectane Technologies, Tectane Global, the officers and
directors including but not limited to Nino De Santis for a total
of $157,000,000, making it the largest commercial litigation in the
province of Quebec.
According to court records, Tectane and its President, Nino De
Santis has allegedly sabotaged the all cash offer and the licensing
agreement in order to bypass Patriot Energy and negotiate the offer
for Tectane only. In addition, Tectane has allegedly falsified
official government testing documents, which demonstrate the
efficacy of the Tectane unit. The company intends to pursue other
legal claims in various jurisdiction against Tectane and its
management.
The company has also address the cease trade order by the
British Columbia Securities Commission (BCSC), whereby the BCSC
claims that the BC Instrument 51-509 applies to the company.
According to Patriot Energy, it is not subject to BC Instrument
51-509 and therefore the Cease Trade Order by the BCSC is not
binding. However, the company intends to file a complete disclosure
statement on or before July 15, 2009, whereby it will provide
details on the all cash purchase offer, its termination, its
distribution agreement, its purchase offer as well as file its
financial statements.
"This situation is serious and we will not let Tectane get away
with such flagrant harmful actions" said Tony Bisante, President of
Patriot Energy Corp. "I have also committed to placing my
82,000,000 shares in escrow as a sign of good faith until we can
resolve this situation and provide accurate accounts of what has
happened" further added Mr. Bisante.
The company also stated that its research and development
partners were working on a hydrogen fuel cell, which is both
compact and extremely stable and that Patriot Energy was granted
the right of first refusal on the marketing of this revolutionary
fuel cell. The company expects to release further information on
the fuel cell partnership upon the release of its phase 3
testing.
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.
SOURCE: Patriot Energy Corporation, fuel cell, hydrogen, Quebec,
lawsuit
Contacts: Patriot Energy Corporation Tony Bisante
514-253-7000
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