Felix Lyubashevskiy, CEO of Integra, said, "We believe that the integration of PNBK will contribute significantly to Integra's development as a dynamic Russian oilfield service company.
Graifer, General Director of JCS "RITEK," said, "This acquisition allows PNBK to continue its ongoing corporate development and optimization within Integra, Russia's leading oilfield service provider.
The principal activities of PNBK are drilling, side-tracking, completion, drilling mud services and workovers.
PNBK operates in Western Siberia, Udmurtia, Ulyanovsk region and Kazakhstan.
Advisors to PNBK
Holdings on the transaction included Skadden, Arps, Slate, Meagher & Flom LLP, Robinson & Cole LLP, and KPMG LLP.
The extension allows PNBK Holdings additional time to obtain regulatory approvals necessary to close the transaction approved by Patriot National Bancorp's shareholders on August 25, 2010,' said Charles F Howell, president of Patriot.
This extension represents a necessary step in finalising Holdings' investment in Patriot,' said Michael Carrazza of PNBK Holdings.
Carrazza, through PNBK Holdings LLC, ("Holdings") (an entity controlled by Carrazza), will acquire a substantial controlling interest in Patriot National Bancorp, Inc.
3 million newly issued shares of common stock of PNBK, representing nearly 88% of the fully diluted common stock of PNBK.
The combination of additional capital, operating expertise and experienced additions to the team will assist Patriot in achieving its future goals," said Angelo De Caro, Chairman of PNBK.
Contingent terms of the agreement also provide for a Special Loan Recovery Dividend ("SLRD") designed by Carrazza to provide existing PNBK shareholders with the potential for additional consideration based upon actual recovery on assets charged off on its books as of June 30, 2009 and recovered by June 30, 2011.
Closing of the transaction is expected to occur no later than May 31, 2010, subject to the completion of funding, PNBK shareholder approval and regulatory approvals.