Patriot Energy Corporation Ahead of Schedule on Due-Diligence Process
02 April 2009 - 2:22AM
Marketwired
Patriot Energy Corporation (PINKSHEETS: PGYC) announced today that
the due-diligence process started further to the receipt of an all
cash offer is well ahead of schedule.
According to the company, the legal due-diligence as well as the
preliminary technical review is well ahead of schedule, which will
enable the company to release the integral offer in an information
circular to its shareholders.
The company expects to release the amount of the offer on or
before Aril 10, 2009. The initial offer of $0.33 per share was
short of the net discounted cash flow valuation of $0.57 per share
and management of both companies has been working to close the gap.
One of the ways of closing the gap was the introduction of a
special royalty unit, entitling each unit to receive quarterly
royalty payments of $0.02.
"We are very confident that we can conclude the due-diligence
and receive notification and formal offer by the intended April
10th timeline." said Tony Bisante, President of Patriot Energy
Corp."
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
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.
Contacts: Momentum IR Max Gagne 514-913-0351 877-253-7001
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