Patriot Energy Confirms Receipt of an All Cash Purchase Offer
Patriot Energy Corporation (PINKSHEETS:PGYC) today confirmed that the board of directors has received a formal purchase offer from a Fortune 500 Corporation.
According to the company, the initial offer, which was structured as an all cash transaction, was short of the discounted cash valuation of the carbon credit trading revenue, which is estimated at $113,715,000 or approximately $0.57 per share. The company is continuing its negotiation and believes that an all cash purchase offer could be concluded shortly and is expected to be somewhere between the initial offer of $65,000,000 or 0.33 per share and the net discounted cash value of $113,715,000 or $0.57 per share. However, it should be noted that upon receipt of a new offer, several milestones will need to be met including a legal and technical due-diligence, and a shareholders meeting to seek acceptance of the offer. Management is very confident that the due-diligence both the legal and technical will be concluded without any issues. The Fortune 500 Company has requested that its name be kept confidential until such time as the offer is accepted by the board of directors and presented to shareholders for approval.
"We had been in discussions for sometime, but this sudden formal all cash offer did catch us a little by surprise" said Tony Bisante, President of Patriot Energy Corp. "We have a strong product, a sound business model and the green shift has forced the hands of many multi-nationals to action. Carbon credits and the reduction of America's dependence on foreign oil are strong advantages in the present and the future economy" further added Mr. Bisante.
Market Data 
Markets 
AI
