San Diego, September 15, 2005 — Patriot Scientific Corporation (OTC Bulletin Board: PTSC.OB) a high-tech intellectual properties company working in the advanced microprocessor field, today filed its 10-K annual report for its fiscal year ending May 31, 2005. The report, filed with the U.S. Securities and Exchange Commission, includes audited financial statements for its fiscal year and related disclosures concerning the company’s results of operations and financial condition during that period.
“This filing is an important milestone for Patriot Scientific,” said David H. Pohl, chairman and CEO. “While the 10-K presents mostly historic data, it provides the clearest picture yet of the challenges that the company faced and the exciting position we are now in to transform the way Patriot conducts its business.” “We now have an excellent basis for moving forward with financial momentum.”
Activities at Patriot Scientific that have occurred since the close of the fiscal year covered in the 10-K include:
- Appointment of new executive management focused on Patriot’s new business opportunities · Favorable settlement of major litigation that was a drain on resources.
- A license with Intel Corporation for rights to use Patriot Scientific intellectual property
- A commercialization agreement delegating authority for licensing activities for the Patriot Scientific intellectual property portfolio to an aggressive, experienced team of licensing professionals
- Licensing revenue that places the Company on a firm financial footing
- Continuation of rights to develop and market intellectual property products including IGNITE™ and INFLAME™
A copy of the Company’s 10-K is available for download at www.patriotscientific.com .
About Patriot Scientific
Patriot Scientific (OTC Bulletin Board: PTSC.OB) has emerged as an effective and dynamic intellectual property company, developing and marketing innovative and proprietary semiconductor technologies into the fast-growing handheld wireless and smart card markets. The company's portfolio of proprietary designs encompasses what is believed to be fundamental ultra-low-power array microprocessor technology, as well as pending patents designed to protect Patriot’s proprietary technology and architecture. Detailed information about Patriot Scientific can be found on the website www.ptsc.com. Copies of Patriot Scientific press releases, current price quotes, stock charts and other valuable information for investors may be found on the websites www.hawkassociates.com and www.hawkmicrocaps.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.