Patriot Energy Files Initial Lawsuit Against Tectane and Nino De Santis for $157,000,000

Posted on: Fri, 19 Jun 2009 09:29:00 EDT


Symbols: PGYC
MONTREAL, QUEBEC, Jun 19, 2009 (MARKETWIRE via COMTEX) --
PGYC | Quote | Chart | News | PowerRating -- Patriot Energy Corporation (PINKSHEETS: PGYC | Quote | Chart | News | PowerRating) announced today that
it has officially filed its initial lawsuit case file number
500-17051 006-099 on behalf of the company and its shareholders
against Tectane Technologies, Tectane Global, the officers and
directors including but not limited to Nino De Santis for a total of
$157,000,000, making it the largest commercial litigation in the
province of Quebec.

According to court records, Tectane and its President, Nino De Santis
has allegedly sabotaged the all cash offer and the licensing
agreement in order to bypass Patriot Energy and negotiate the offer
for Tectane only. In addition, Tectane has allegedly falsified
official government testing documents, which demonstrate the efficacy
of the Tectane unit. The company intends to pursue other legal claims
in various jurisdiction against Tectane and its management.

The company has also address the cease trade order by the British
Columbia Securities Commission (BCSC), whereby the BCSC claims that
the BC Instrument 51-509 applies to the company. According to Patriot
Energy, it is not subject to BC Instrument 51-509 and therefore the
Cease Trade Order by the BCSC is not binding. However, the company
intends to file a complete disclosure statement on or before July 15,
2009, whereby it will provide details on the all cash purchase offer,
its termination, its distribution agreement, its purchase offer as
well as file its financial statements.

"This situation is serious and we will not let Tectane get away with
such flagrant harmful actions" said Tony Bisante, President of
Patriot Energy Corp. "I have also committed to placing my 82,000,000
shares in escrow as a sign of good faith until we can resolve this
situation and provide accurate accounts of what has happened" further
added Mr. Bisante.

The company also stated that its research and development partners
were working on a hydrogen fuel cell, which is both compact and
extremely stable and that Patriot Energy was granted the right of
first refusal on the marketing of this revolutionary fuel cell. The
company expects to release further information on the fuel cell
partnership upon the release of its phase 3 testing.

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.

SOURCE: Patriot Energy Corporation, fuel cell, hydrogen, Quebec,
lawsuit


Contacts:
Patriot Energy Corporation
Tony Bisante
514-253-7000


SOURCE: Patriot Energy Corporation

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