POINTS SYSTEM PERMANENT RESIDENCY - FEDERAL SKILLED VISA

[bhavikguy]

I have completed a 1 year marketiung management program from seneca college, markham. I have already applied for the post grad work permit which I am expecting in a week or 2. I am eligible for the Federal Skilled Ctegory PR under the point system and as I have the arranged employment I am scoring 74 points. Now the question is:
I will be getting a 1 year work permit. In the CIC website it says that the person should have a valid visa at the time of application and also at the time of approval of the PR. I fear that if it takes more than 12 months to get my PR than  what would be my status when my work permit expires? Can I stay on any kind of status as post grad work permit is not extendable. Please suggest.
Thanks,
Bhavik