CALGARY, April 8 /PRNewswire-FirstCall/ - Patch International (PTCH.OB -
OBB) announced today an update to its strategic alternatives process. Patch
and its Board of Directors have worked with its Financial Advisor, CIBC World
Markets Inc., to conduct a strategic process which commenced on January 22,
2008. The Board of Directors remains committed to maximizing shareholder value
as a result of this process. The process has yielded a number of competitive
proposals, which are under review by the Board of Directors. Negotiations with
potential counterparties are underway. However, there is no assurance that a
definitive agreement will be reached.
Patch International Inc. is an oil sands company actively engaged in the
exploration and development of in situ oil sands located in the province of
Alberta. Patch's lands are located in the heart of the world renowned
Athabasca oil sands, northeast of Fort McMurray, Alberta. The resource basin
contained within is bitumen rich, high quality and proven economic to produce.
Patch International Inc. Suite 1670 Scotia Centre 700 - 2nd Street SW Calgary Alberta T2P-2W1
