Patriot Energy gets acquisition offer from still undisclosed party

Company logo of Patriot Energy Corporation. Image courtesy
of Patriot Energy Corporation.

Clean fuel company, Patriot Energy Corporation, announced May 14 that the company has received a final all-cash stock purchase of $0.57 per share, which would complete its acquisition.

Patriot Energy’s intention for acquisition was last reported on April 18. Patriot Energy’s current shareholders will be voting on the purchase on June 9 this year. The company is preparing proxy information, which will be available on the company’s website no later than May 15. The company will also be releasing the name of the acquiring group on a May 15 press release.

The $0.57 common stock offer involved the elimination of royalty shares pertaining to the company’s technology licenses. The royalty shares were eliminated to facilitate a higher purchase price.

Patriot Energy’s featured technology is the H2O Oxygenator water injector that is installed on conventional vehicle engines. The injector mixes water with alcohol (ethanol) at a 20/80 mix known as Aquahol. Aquahol is considered by the US Department of Agriculture as being 800% more efficient than the currently-mandated gasohol, which is a blend of 90% gasoline and 10% alcohol. With water containing 89% oxygen, and ethanol with 25% oxygen, full combustion occurs and with less carbon monoxide and nitrous oxide emissions.

Patriot Energy Corporation is headquartered in Montreal, Canada. It is still listed on the OTCBB as PGYC. Stock jumped 78.79% following the intention to purchase announcement, settling at 0.059, at the close of the May 14 trade, and reaching $0.06 in afterhours trading.


-  Mike R. Lopez

Source:

¹ Market Wire