TO: PATRIOT SCIENTIFIC, CEO, AND BOARD OF DIRECTORS:
i have been an investor in ptsc for many years, way back in the 4-5 cent range.
during the period of negotations between ptsc and tpl, i noticed an article in one of the CA investment news magazines, namely:
"maybe patriot has something after all. technology properties ltd. ceo Daniel E. Leckrone and some of his companies and his son Mac Leckrone recently lost a suit for various wrongdoing in san jose, ca. a judgement included damages and attorney fees of over $1 million as well as injunctive relief was awarded against Leckrone and his companies. unable or unwilling to pay the judgement, the court has ordered the Leckrones to appear at a debtors examination (see: http://www.sccaseinfo.org/pa5.asp? ; full case number is 197cv764491.) that award stems from several suits against the Leckrone defendants, including one alleging fraud, in a situation virtually identical to the dispute with patriot over the 336 patent. this whole scenario of a Leckrone company crawling out of the woodwork to assert rights in a valuable patent seems to be some sort of business plan. if patriot can rid itself of this impediment they should do very well with their patents."
obviously i was upset about this news. i faxed Jeff Wallen (our old ceo) hoping to get further clarification about the reality of tpl being our new partner -- i didnt get a response. i faxed and discussed this matter with Ken at hawk associates (our investor relations representative) also with no clear response.
i went to the 2006 shm for a better understanding of our relations with tpl and to meet our new ceo, D.P.
i was not impresed with anything at that meeting. least of all was the fact that D.P. was an attorney associated with Eric Schwartz and company (that is another story for another time). he was hardly an experienced, dynamic businessman. i concluded that he must have been collecting social security checks for at least 10 years. up to that point all i ever heard him talk about was umbrellas (excuse the sarcasm).
i heard about intellasys (a tpl company). we were led to believe that they were set up to do reverse engineering and to establish which products and companies were infringing our patents.
i recently noticed on their website that they now manufacture microprocessors, which i can only conclude contains our technology.
who are their customers? in my humble opinion, they must be the same companies which are trying to collect infringement settlements from -- A TERRIBLE CONFLICT OF INTEREST -- which should be investigated now.
remember, we DO NOT SHARE ANY REVENUE WITH INTELLASYS even though it would appear they now include our technology in their products.
dunn and bradstreet does not list their total sales revenue. intellasys did not want it shown -- WHY NOT?!? it would have been a clue for us.
is Dan Leckrone capable of offering sweet deals to infringers if they funnel orders to intellasys? I think so.
what alarms me the most is that WE HAVE NO REPRESENTATION AT ANY OF TPL'S DISCUSSIONS WITH ANY COMPANY.
why is it that we have received more revenues from the first 10 - 12 settlements than the last 30+ combined? yet our legal fees keep increasing incrementally.
with reference to these fees, does Dan Leckrone get any direct payments from these sources and, if so, why and how much?
ptsc must review these financials as part of their due diligence and responsiblity to its shareholders, and also demand representation at all future discussions.
having re-read the aformentioned, some of you may feel im delusional -- i hope you're all right -- but i dont trust Dan Leckrone. we appear to be very vulnerable in our present situation and it further appears to be worsening.
no disrespect to our new ceo but his time would be better served focusing all his energies in addressing these issues and alleviating the shareholders concerns.
signed: BRITANIA, a group of concerned shareholders
PS i posted this at AGORACOM and the only person it upset was Greeneyes, who seems to look at the world through rose-colored glasses. i wish she would remove that picture of her grandmother she has displayed over there...
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