Patriot Energy Corporation, dba Telteck Solutions, Inc (PGYC.PK), a company specializing in proprietary, high-security telematics technology, announced today the cancellation of 1.5 million shares of its common stock. The move effectively reduces the number of common shares outstanding.
The shares were cancelled as the result of the termination of an agreement signed June 8, 2008, between Patriot Energy and Expedite Ventures. As part of this agreement, Expedite Ventures was to receive 1.5 million common shares of PGYC stock in exchange for services rendered. Expedite Ventures failed to promptly provide those services as agreed, thus the stock certificate for 1.5 million shares was nullified.
Patriot Energy Corporation dba Telteck Solutions licenses and develops proprietary technologies that support telematics solutions across a wide range of end markets. Telematics is the science of information transfer and storage using telecommunications devices, such as GPS positioning, and is applicable and scalable to customized high-security asset tracking needs.
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