Mar 31, 2009 09:45 ET
Patriot Energy's Purchase Offer to Include Royalty Unit for Shareholders
MONTREAL, QUEBEC--(Marketwire - March 31, 2009) - Patriot Energy Corporation (PINKSHEETS:PGYC) today confirmed that the companies have agreed to include a special royalty unit for shareholders of record.
According to the company, the offer being formalized will include a special royalty unit for shareholders of record, entitling each unit to receive quarterly royalty payments of $0.02. The special royalty units are expected to be issued and distributed via a special dividend to the shareholders of record. However, the entire transaction including the price of the Purchase Offer will be announced shortly. Negotiations are underway and management expects to settle on a price by no later than April 10, 2009, whereby the price is expected to be in between the latest offer of $0.33 per share and the expected price of $0.57 per share.
"We are working to formalized all aspects of the Purchase Offer including a tremendous royalty upside for our shareholders" said Tony Bisante, President of Patriot Energy Corp. "The parties are very enthusiastic in concluding this transaction in an expedient way and without issues". further added Mr.Bisante.
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.
Total Shares Outstanding (fully diluted): 199,500,000