SAN CLEMENTE, Calif., July 9, 2007 (PRIME NEWSWIRE) -- Patriot Motor Corporation (Pink Sheets:PMCY) today announced acceptance of a term sheet for a $2.5 million financing agreement with Stone Canyon Venture Partners, LP (SCVP) to invest in a to-be-formed entity, Patriot Marine.
Under the terms of the proposed financing, SCVP will contribute $2.5 million to purchase an ownership stake in Patriot Marine, a to-be-formed corporation organized to operate as an independent company in partnership between Patriot and SCVP.
The term sheet is subject to satisfactory completion of a due diligence investigation by SCVP, final documentation and final approval from SCVP's investment committee. Further information regarding the transaction will be released upon consummation.
About Patriot Motor Corporation
Patriot Motor Corporation (PMCY) is the parent company of Patriot Motorcycle Corporation, exclusive distributor of the Patriot OffRoad(TM) line of Dirt Bike motorcycles and All-Terrain Vehicles (ATVs) and a line of domestic V-Twin custom and production street bikes branded under the names Steed(R) by Patriot(TM) 300 Series and Patriot(TM) V-Twin Musclebikes(TM) 200 Series. Other divisions include Patriot Marine Industries (performance watercraft design and engineering). Additional Patriot branded products and accessories are also being continually evaluated and offered. For more information visit http://www.patriotmotorcorp.com.
Note: Statements contained in this release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1934, as amended. These forward-looking statements are made based upon information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risk and uncertainties and the company's actual results may differ from these forward-looking statements. Such risks and uncertainties include, but are not limited to, demand for the company's products and services, Patriot Motor Corporation's (PMCY) ability to continue to develop its market, general economic conditions and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
The Patriot Motor Corporation logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2159