Patriot Energy Corporation (PGYC)

[TradeForProfits]

Patriot Energy Corporation Announces Cancellation of 1.5 Million Shares

2008-08-07 10:00 ET - News Release


MONTREAL, QUEBEC -- (MARKET WIRE) -- 08/07/08


Patriot Energy Corporation (PINK SHEETS: PGYC) is pleased to announce that 1.5 million common shares of the company have been cancelled.

Patriot Energy Corporation terminates the agreement with Expedite Ventures that was signed on June 8, 2008. Expedite Ventures only began working on the signed agreement with Patriot Energy Corporation on July 14, 2008. Expedite Ventures was made aware of the cancellation when contacted in writing on July 16, 2008 and asked to return the unearned shares to Patriot Energy Corporation's head office. Since Expedite Ventures chose not to return the stock, the certificate was cancelled.

Patriot Energy Corporation approves of this cancellation and is happy to report the reduction in the outstanding number of common shares.

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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.



Last update 10:00 AM EDT August 7, 2008


Contacts:
Patriot Energy Corporation
Paul Mastantuono
514-253-7000
877-253-7001