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I have watched PTSC trade a lot and it almost never has a .02c spread. Sometimes the spread was .029c. It has been mostly a .02c spread for today and yesterday. The spread will drop to .015 then a tiny trade will pop it right back up to a .02c. PTSC opened Monday and promptly tanked to .119 but seemed to recover on low volume. Possibly just a technical correction related to the large drop from the high teens. Any technical people who can back that theory up?
How about we try to get BOD member elected! We could use the message board to organize support to get 1 maybe 2 shareholders elected to the BOD! They would then be outvoted by the other 3 and locked up by a non-disclosure agreement. They would be about as useful as that former "shareholder representative" joke over there named "Biajj". We could make every post for weeks about the merits of that topic! No one will even notice there was no PR where quarterly financial results were specifically discussed like every other quarter in the past.
Does anybody think it is a little odd that PTSC did not put out a specific earnings release PR? I guess the "Company Provides Update on Significant Activities" PR on Friday was supposed to be extent of the companies discussion of the quarterly results.
The price action today is encouraging given the currently available onfo. Now .14 X .145.
well its back down now to .12 X .13 so it must have been a blip. Almost no shares were sold at the higher prices. Also, Ronle- you should be mad at the company not me for pointing out the problems.
Any demand for the stock seem strange based on the currently available information. The ask has been raised back to .145 for a little while now and it seems unwarranted. The bid is .12. It is an unusually large spread. A 10k trade just went through at .145 so the ask is probably not a mistake.
Bid .12 Ask .145...weird for a trade it jumped top .165 with an ask of .13. I guess even the market makers make mistakes. Basically somebody got ripped off. The ask has remained .145 for at least 10 minutes now.
your wheelcomb! I dont know how you can be POed at me. Read the company PRs. They have not laid out a single positive thing for shareholders to grasp onto. I may buy shares in the future...and I am sure I will have plenty of time to buy in big..if they actually seem to have a future source of income. They have said of all their acquisitions PTSG may someday make money but they qualified that statement heavily and they have stated that their lawsuit against their patent "partner" will impair their earnings and ability to license the MMP. If you somehow can spin that into good news then you should be putting on magic shows not investing in stocks. I am personally disgusted that the MMP has been reexamined since 2006 and finally appears to be truly solid and now they are embroiled in litigation which we all know seems to take forever to resolve. With 10 million in assets and a minimum 1 million a quarter burn rate PTSC has limited time..minus whatever all the lawyers will cost to resolve the issue with TPL and begin licensing again. I expect the litigation will draw out to the point that PTSC will have to sell PTSG to Baroni for peanuts to reduce the burn rate and survive. I am surprised the company did not issue an earnings PR today but I guess you could say they made their quarterly statement to shareholders on Friday. There is the possibility of an AM pr but they really dont have anything good to say at this point so it is probably better if they just shut up.
Obviously the 10k is horrible. It is already out on the NASDAQ website. PTSC with million dollar a quarter losses can only last so long when you have 10 million in the bank and you are busy suing the people who negotiate the licenses which are your only revenue source. They should have gotten all the bad news out Friday rather than waiting until Monday as late in the PM as possible. They still have not released the company PR earnings report as of 5:55pm. Its possible that they will not even issue a company PR on earnings and just stick with the SEC required filing. Did they somehow get a better deal from their accountants to release it on the last possible day?
What a load.I have no ability to sway the share price and do not think any individual poster has that power. PTSC messed it up for themselves and the law requires them to eventually disclose their mistakes. I think loaning 2 million dollars to an entity that is ripping you off and now wont pay you back qualifies as just one of many examples of their poor judgement.
Q earnings should lower the PPS further perhaps to .09 when they are released after the market close today. They really have mismanaged the news release and should have gotten all the bad out of the way at one time. They seemed to get that basic PR concept on Friday with the news release but then failed to report the disastrous quarterly losses. It really is elementary public relations.
.119! Only the shareholders are losers in PTSC everybody else has been winners. The BOD and Mgt gets paychecks, warrant holders made out like bandits for loaning PTSC money the lawyers have made a career out of it the infringers have had access to technology they did not have to spend money to develop. Meanwhile anybody that actually held this stock got cleaned out for the most part.
Looks like .09 is possible.Bid is .13 now and dropping. They probably should have put out the poor earnings with the rest of the bad news on Friday. Another example of their judgment. If you bet against PTSC you would have been on the winning side every time. Almost nothing has a record that perfect. Your odds of winning are better flipping a coin.
Actually I'm more pissed that I have been right about the neverending obstacles in front of the return on investment we should all see. I reduced my position from 200k shares to 5k based on the "if it can go wrong it will go wrong" nature of this investment. I also think I will have plenty of time to buy back in if I watch it closely for a sign that things have turned around. Just when I think I have though of all the downside risks they end up having to loan their TPL partners money and then have to actually sue to get it back.
The 10Q Monday should be the death blow for this POS. Once again a Friday PM PR is done for a reason folks and it is not because they have good news to share. By the time PTSC finishes suing the lawyers that license the MMP the patent will have expired and they will not be able to collect zilch. TPL has complete leverage over PTSC. If TPL will not cooperate PTSC is done as they have no mechanism to enforce the patents, no engineers to reverse engineer the infringers technology and no business smarts whatsoever.
Disaster! Sub 10c next week. No licenses for quite some time as TPL and PTSC engage in litigation against eachother which could take years. Sad but not unexpected.
NEWS! Here it is: Company Provides Update on Significant Activities
CARLSBAD, Calif., August 13, 2010--(PR Newswire)-Patriot Scientific Corporation (OTCBB: PTSC - News ) today issued an update on significant business matters.
To All Shareholders, Prospective Investors, and Stakeholders in Patriot Scientific Corporation,
As many of you may know on Monday, August 16 th , we will file our annual report on Form 10-K. There have been several significant developments over the past months which may be helpful for me to highlight and summarize.
First and foremost, I know everyone is interested in the status of our relationship with the TPL Group and matters affecting the MMP™ Portfolio. These issues have been amongst the most pressing in the Company’s history and have occupied a significant portion of mine and our Board’s time. Despite our attempts at resolving our differences through negotiations, at this point we are pressing forward with our litigation efforts against TPL and their licensing division Alliacense, as we believe this is the best way we can preserve our interests in the important MMP Portfolio asset.
As you may also know, we have been historically challenged in what we can publicly disclose on topics involving MMP and our relationship with TPL. This has largely been attributable to contractual restrictions contained within the agreements that govern the MMP joint-venture. Further, and at the request of TPL, we have also had restrictions placed on our ability to make public announcements by the Santa Clara Superior court. Needless to say we are inordinately frustrated by the contractual disclosure restrictions, and we know you are as well. So while we work towards the objective of having greater transparency on these issues that are of paramount importance to our shareholders, for now I must refer you to the disclosures we will make in our 10-K and the separate litigation update press release filed by us today, even though I know this will leave many of you with a desire to know more. Before leaving the MMP topic there are two other points I wanted to address. The first is to remind everyone about the USPTO’s issuance of a Notice of Intent to Issue Reexamination Certificate (NIRC) for the US'336 patent. This represents a significant victory for us as it again validates the MMP Portfolio as essential technology for virtually all microprocessor-based products used today. For additional information on this important event please see our July 27 th press release which can be found on our web-site at http://patriotscientific.com/index.php?option=com_content&task=view&id=261&Itemid=29.
Secondly, we have had some questions about the Independent Manager role as it relates to the Management Committee of PDS (the joint venture entity through which MMP Portfolio results flow). The previous Independent Manager’s contract ended on May 31, 2010, and as such this role has not been filled. At this time, Carlton Johnson, Patriot Board member and our representative on the PDS Management Committee, has been granted oversight of PDS’ banking activities.
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Switching topics, we have had several inquiries regarding our wholly owned data sharing subsidiary, Patriot Data Solutions Group (PDSG) and the efforts to redirect this business. Since the early part of this calendar year we, with the assistance of Attain LLC, have been engaging and working with go-to-market partners in an effort to increase the exposure and access to the potential buyers of the CDX solution set. At the onset of this exercise we were uncertain if this exercise would yield positive results, or if other decisions regarding the business would need to be implemented. At this time we remain cautiously optimistic about the prospects for PDSG and I’ll share with you some of the more significant factors that influence our thinking. First and foremost, after meeting with several channel partners that service our market it is apparent we have a solution that resonates with this audience. This is in large part due to improvements and additions to CDX that were completed in March of this year, making it a truly enterprise level offering with broader appeal. Our recent press release announcing our reseller relationship with SRA is one of the tangible results in validation of CDX and the generation of partner interest. We are similarly engaged with other partners and in several instances are pursuing joint sales opportunities. While we are encouraged with the progress made over these past several months, we must temper our enthusiasm by realizing that PDSG is truly a very early stage business with respect to revenue growth. In light of this we have taken measures to rationalize our current level of investment, which include the aforementioned emphasizing of a channel development strategy over direct sales, as well as prioritizing CDX as the solution we will continue to develop and sell. As a result of these decisions we have divested of the Iameter and Vigilys product lines, in February and August of this year, respectively. This allows us to focus on what we believe to be PDSG’s most valuable asset, CDX, with a leaner organization and reduced cost structure. We are committed to controlling PDSG’s costs so that we do not find ourselves unnecessarily ahead of the rate at which revenues are growing.
Before closing there are two items we’ve received inquires about that I wanted to respond to. First and most importantly, let me say that there are no plans to acquire, merge, or otherwise take an interest in any new businesses, period. Effective with the beginning of my tenure as interim CEO all M&A activities have ceased. To the contrary, we have taken measures to divest ourselves of activities that were continuing to place a drain on our cash resources, and that did not present a clear timeframe and path to positive results. This includes Talis, Avot, and the aforementioned Iameter and Vigilys actions.
A second item that we’ve received some inquiries on is our disclosure of Wells Fargo’s Cayman Island checking account sweep function, with an implication that it represents something that is less than above-board. I can only state that these concerns are unfounded. Nevertheless, because we had been maintaining minimal balances in our checking account causing the sweep functionality to in effect be non-operative, we have recently discontinued the sweep service. On a similar but broader note, I will say as a public company we are subjected to quarterly reviews and annual audits of our financial statements and internal controls by our independent public accountants. I occasionally hear from people on certain topics which leads me to believe they may not fully appreciate what these audits represent. I can only say that these audits are rigorous examinations and we work hard to ensure that the work we do is above reproach.
Finally and in closing, as you can see we have some significant issues to deal with before I can predict smooth sailing. Members of our Board have put in an inordinate amount of time over the past several months to assist me in clearing the obstacles that have impeded our progress. I wish to extend my appreciation to them and to all of Patriot’s supporters who understand that the best that can be done for the business is being done. I and the Board will continue to pursue what we believe are realistic and practical measures for directing the business. Our challenges will not be overcome overnight, but I do believe they will be overcome and Patriot will come out of this a stronger and more valuable entity.
Sincerely,
Cliff Flowers
Interim CEO
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About Patriot Scientific
Headquartered in Carlsbad, California, Patriot Scientific Corporation provides data sharing and secure data solutions for a connected world. Patriot Scientific addresses the expanding market opportunities in the healthcare, justice and public safety industries through its wholly owned subsidiary Patriot Data Solutions Group, Inc. These growth activities are funded with revenues generated, in a large part, from the continuing successful Moore Microprocessor Patent™ Portfolio licensing partnership with The TPL Group. Patriot Scientific’s integrated core intelligence solution addresses the critical data/information sharing needs of the healthcare industry, the Department of Homeland Security, the Department of Justice, and federal, state, and local public safety and law enforcement agencies. For more information on Patriot Scientific Corporation, visit: www.ptsc.com.
About the MMP ™ Portfolio
The Moore Microprocessor Patent Portfolio contains intellectual property that is jointly owned by the privately-held TPL Group and publicly-held Patriot Scientific Corporation (OTCBB: PTSC – News). The MMP Portfolio includes seven U.S. patents as well as their European and Japanese counterparts. It is widely recognized that the MMP Portfolio protects fundamental technology used in microprocessors, microcontrollers, digital signal processors (DSPs), embedded processors and system-on-chip (SoC) devices. Manufacturers of microprocessor-based products can learn more about how to participate in the MMP Portfolio Licensing Program by contacting: mmp-licensing@alliacense.com .
Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Patriot Scientific Corporation’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks and uncertainties associated with the litigation with TPL, the uncertainties relating to the future of our MMP joint-venture, and the uncertainties regarding PDSG’s ability to generate sufficient revenue to support its continued operations. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, patent litigation, technical development risks, and seasonality. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended May 31, 2009, and the quarterly report on Form 10-Q for three and nine months ended February 28, 2009. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Patriot Scientific Corporation disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
# # #
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Exhibit 99.2
Contact:
Patriot Investor Relations
ir@ptsc.com
760-547-2700 ext. 102
Patriot Scientific Corporation Provides Litigation Update
CARLSBAD, Calif., August 13, 2010--(PR Newswire)-Patriot Scientific Corporation (OTCBB: PTSC - News ) today reported that it has withdrawn from discussions aimed at settling its outstanding actions against The Technology Properties Limited Group, LLC (TPL) and Alliacense, LLC, the Company’s joint venture partner in the management of the MMP™ Portfolio of microprocessor patents, and its licensing division, respectively.
On April 12, 2010 the Company filed suit in the Superior Court of the State of California, County of San Diego against TPL alleging breach of a $1 million promissory note obligation for which repayment was due Patriot on February 28, 2010. On April 22, 2010 it filed an action in the Superior Court of the State of California, County of Santa Clara, against TPL and Alliacense which was placed under seal provisionally by the court at the defendants’ request. On August 12, 2010, the Court considered defendants' request to seal the file indefinitely and to compel private arbitration of the dispute and denied both Motions. On August 13, 2010 the Court provisionally allowed some file redactions pursuant to a Motion filed by TPL and will decide the appropriateness of those redactions on September 30, 2010.
The Complaint makes several allegations against TPL and Alliacense, including breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, contract interference, constructive fraud, and unjust enrichment, while also seeking declaratory relief over specific contractual disagreements. The Complaint further seeks an accounting of revenues and expenses charged to the PDS joint venture, while also engaging in licensing activities designed to profit TPL at the expense of the interests of PDS and Patriot.
“We had originally felt that discussions aimed at addressing a variety of issues, including the matter related to our April 22, 2010 action and the restructuring of the 2005 agreements that govern the management of the MMP™ Portfolio, represented the best approach to resolving the issues between the parties and for providing continuity to the licensing effort,” said Carlton Johnson, Patriot Scientific Corporation’s Executive Committee Chairman. “Our position is and remains one in which Patriot would have and maintain an equal or greater voice with all decisions relating to the MMP licensing. Up until now we had deferred making any announcement that a successful renegotiation of the relationship would occur. However, this process has taken far longer than we anticipated and where we were once hopeful that we were close to settling a number of differences, we now intend to vigorously resume the litigation process. We will provide details on the litigation as circumstances permit, however we ask our shareholders to appreciate that we remain under some contractual restrictions in regard to public disclosures pertaining to the MMP™ Portfolio, and we also wish to avoid any public sharing of information that could impair our litigation strategy. We regret having to take these measures, but we believe they are in the best long-term interests of Patriot, its shareholders, and our ownership in the MMP™ Portfolio.”
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About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation (PTSC) provides data sharing and secure data solutions for a connected world. These activities are funded with revenues generated, in a large part, from the Moore Microprocessor Patent™ Portfolio licensing partnership with The TPL Group. For more information on Patriot Scientific Corporation, visit: www.ptsc.com.
About the MMP ™ Portfolio
The Moore Microprocessor Patent Portfolio contains intellectual property that is jointly owned by the privately-held TPL Group and publicly-held Patriot Scientific Corporation (OTCBB: PTSC – News). The MMP Portfolio includes seven U.S. patents as well as their European and Japanese counterparts. It is widely recognized that the MMP Portfolio protects fundamental technology used in microprocessors, microcontrollers, digital signal processors (DSPs), embedded processors and system-on-chip (SoC) devices. Manufacturers of microprocessor-based products can learn more about how to participate in the MMP Portfolio Licensing Program by contacting: mmp-licensing@alliacense.com .
Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Patriot Scientific Corporation’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks and uncertainties associated with the litigation with TPL, and the uncertainties relating to the future of our MMP joint-venture. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, patent litigation, technical development risks, and seasonality. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended May 31, 2009, and the quarterly report on Form 10-Q for three and nine months ended February 28, 2009. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Patriot Scientific Corporation disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
Must be waiting to issue the PRs until I go out to dinner so I dont have to ruin my night.
of course only the 8K is out not the actual news yet but I think we can assume it is very bad if it is coming out on a Friday PM. We can also assume it is bad bacuse almost no news since 2006 has led to an extended elevation of the share price.
Rut Ro! Friday 13th PM NEWS! NOT GOOD what a bunch of bastards.
I used to have a lot of shares but now only maintain a small position. PTSC seemed to look good on paper but the company has not been able to execute. If that changes I am SURE there will be plenty of time to buy in. There is no reason to have shares currently with the downside risk.
Q earnings due next week will be bad because they had almost no MMP licenses signed. I'm thinking of selling my 5,000 shares and when it tanks to .08 buying back in. The share price is not going anywhere until we see the PACER filings for PTSCs lawsuit against their lawyers start to move forward. Could take years.
Q earnings are due Aug.16th and considering there was maybe 1 small settlement they should be horrible. If you really want to buy PTSC at a bargain price I would wait until then. I dont think you need to worry about settlements pumping up the share price until PTSC is done suing their lawyers. Sirrus wont be a money settlement and if it was it would have been reported as a material event by now according to SEC reporting requirements. There is a possibility of a PR after the bell but PRs after the bell on a Friday in the summer ALWAYS are bad for shareholders.
its now 4 biz days since the Sirrus XM settlement documents were signed by the judge on 7/30 and no 8k has been filed. The 8-K filing deadline is four business days after the occurrence of a triggering material event and I would assume being sued is a material event. I did not expect any money to change hands because Sirrus sued PTSC/TPL for a ruling of non infringement but I did assume PTSC would have to report the event publicly. There should be an 8k today and if it is not in the am I would assume its bad news. You can almost assume any news on a Friday is going to be bad but the afternoons are reserved for the worst news of business and government. Its called the "Friday news dump".
At the current rate of -.02c/day .08 by next week seems realistic. This is why I am no longer holding a large position. The stock has almost no support as you would have to be crazy to hold it long given the 4 year double black diamond ski slope decline.
Drip Drip Drip all the way to .08 I sure am glad I reduced my position to 5,000 shares. I should have sold those at .25! I thought there was a slight chance of follow-through with some licensing deals to support the PPS. I got greedy!
Genius!
Possible because it happened last year when the 336 came out of a reexam another was filed. It can happen again and the patent office has to consider all reexams no matter how specious. The problem is it takes 4-6 monthes EVEN IF THERE IS NO MERIT to the reexam request. Sad.
.15! soon to be .08 I guess nothing has changed with the recertification. Hopefully when PTSC has finished suing their lawyers and after the case slowly winds its way through the courts licensing activity will begin again. I would expect this to take 6months to a year as litigation moves slowly. It is also possible that somebody in the know has seen that another patent reexam has been filed on the '336. Even if it is rejected it will take 4-6months. Anybody can file one for any reason and it has to be considered by the US patent office. All you need is the $5,000 filing fee.
.10 X .11 WTF! Low volume of 99k should mean its a meaningless increase.
How is this POS even at .09 pennies!?
Agoracons want to replace the BOD ROFLMAO! They dont seem to know it will not make a lick of difference.
The next month will be very telling for PTSC. If things have really improved there should be a "wave" of licenses sold. That should end the debate.
Sirrus sued TPL/PTSC so they got no money out of the settlement. PTSC would have to now sue Sirrus to get any money but I think this case is like the ARM case where there was a stipulation of non-infringement in the settlement.
It is a massive pump.I would not necessarily blame the company for that as it is a product of day and momentum traders picking up on the volume alerts and piling on. The result is an escalation of the share price that is unjustified by the news.
PTSC will dribble back to .08 in the next few weeks. The pump is over and the dump is here!
Of course the PPS will retrace. Stocks NEVER go straight up. I expect it to drop into the teens or lower and then make another smaller run.
Should be sub .20 by days end. Heavy selling
.203 you should be selling not posting.
.215! Sellers having trouble getting out!