Patriot Energy Signs Memorandum of Understanding With Toshent Overseas
MONTREAL, QUEBEC, Apr 21, 2009 (MARKET WIRE via COMTEX) -- Patriot Energy
Corporation (PINKSHEETS: PGYC) announced today that they have signed a memorandum
of understanding with Toshent Overseas for the purchase and distribution of
100,000 yearly H2O Injectors.
According to the MOU, Toshent Overseas will purchase and distribute the H2O
device in the Russian marketplace and Eurasia on a non-exclusive but preferential
basis. The companies are currently negotiating the final numbers and delivery and
intend to move to a Letter of Intent and or agreement within the next 10 days. In
the event this distribution agreement is concluded, it would be a transaction
valued at over $170 million over the next 5 years
"These negotiations and new potential large order is a continued proof of the
significance of our technologies and its market acceptance." Said Mr. Tony
Bisante, President of Patriot Energy Corp. "Not only it solidifies our current
purchase offer transaction, it can truly propel our company to the next level"
further added 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.
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
SOURCE: Patriot Energy Corporation
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