BIRMINGHAM, Mich., Oct. 5, 2006 (PRIMEZONE) -- StreetInsider.com announced today that Patch International (OTCBB:PTCH) is its new featured company spotlight stock. The comprehensive profile of Patch International is available at http://www.streetinsider.com/company_spotlight.php?id=47
Patch International is a "junior" oil and gas company that currently earns oil revenue from a participation interest in 20 oil wells. These interests provide the company with limited cash flow. PTCH is in various stages of its 2006-2007 oil and gas work program in Alberta, Canada. PTCH also has oil sands property interests in the heart of the Alberta oil sands, through a 75% majority ownership of Patch Oilsands Limited Partnership and on which it is planning a 2006-2007 oil sands work program. As at May 31, 2006 PTCH owned 6,791,937.3 million shares in Pharmaxis Ltd, a publicly-traded Australian company. It is the company's intention to complete the sale of these remaining Pharmaxis shares and use 50% of those net proceeds after tax towards PTCH's 2006-2007 oil and gas work program and for general working capital purposes; PTCH has also proposed a dividend of 50% of the net proceeds of all its Pharmaxis sale proceeds after taxes and costs, to shareholders of record as at July 30, 2004, subject to regulatory approval.
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