CARLSBAD, Calif.-- February 29, 2008
--Patriot Scientific announced today the appointment of chip industry veteran Rick Goerner as the company's Interim President and CEO succeeding Jim Turley, who resigned his position as the company's President and CEO effective February 28. Goerner’s appointment is effective today.
Patriot’s Chairman of the Executive Committee, Carlton Johnson, said, "Rick has solid operating experience in the semiconductor industry with companies like Phillips, Silicon Systems, TDK (Japan) and Texas Instruments. He has been involved in the integration of acquisitions, including both chip and software companies, from both sides. The Board is confident that Rick’s knowledge, experience and enthusiasm will help guide Patriot through the current management transition and move our company forward. He has an extensive network with venture capital firms and investment bankers. I look forward to working with him and strongly supporting his efforts."
"I am excited to join Patriot Scientific at this time. I’m pleased that Patriot's Board of Directors has selected me to lead the company through the current management transition and to help position the next stage of growth for Patriot," said Goerner.
"Patriot and Technology Properties Limited (TPL) have seen the Moore Microprocessor Patent (MMP) technology adopted, worldwide, by an expanding list of industry leaders in semiconductor chip technology. The company’s strong cash position and forecast for future cash flow from patent licensing allow Patriot to consider investment and M&A activities that will build a more product-focused company, complementing the ongoing licensing strategy of its valuable patent portfolio. Our plan is to leverage Patriot’s current and future cash flows to create a business with sustainable product growth on a global basis. I expect to continue the evaluation of currently identified potential strategic acquisitions and expand the scope of opportunities in the wireless, software and networking sectors,” concluded Goerner.
Goerner has extensive experience as an operating manager and CEO with technology companies on a global scale. He served as President and COO of the Storage Products Group of Texas Instruments, a one billion dollar supplier of mixed signal and analog ICs for the hard disk drive market. Previously, Goerner served as President and CEO of TransDimension Inc, an Irvine, California based, venture-financed, technology start-up company providing embedded Universal Serial Bus (USB) silicon and software solutions to a global customer base. TransDimension was acquired by Oxford Semiconductor in 2005. Goerner has recently been involved in the development of other early stage technology companies, serving as a Technical Advisor, as Executive Chairman, as a member of the Board of Directors and in the capacity of Interim President and CEO.
Goerner resides in San Juan Capistrano, Calif. and has a BSEE degree from the State University of New York at Buffalo.About the MMP Portfolio
The Moore Microprocessor Patent Portfolio contain intellectual property that is jointly owned by the privately held TPL Group and publicly held Patriot Scientific Corporation. The portfolio includes seven U.S. Patents as well as their European and Japanese counterparts. Manufacturers of microprocessor-based products can learn more about how to participate in the MMP Portfolio Licensing Program by contacting: email@example.com.About Alliacense
Alliacense is a TPL Group Enterprise executing best-in-class design and implementation of Intellectual Property (IP) licensing programs. As a cadre of IP licensing strategists, technology experts, and experienced business development/management executives, Alliacense focuses on expanding the awareness and value of TPL's IP portfolios. Founded in 1988, The TPL Group has emerged as a coalition of high technology enterprises involved in the development, management and commercialization of proprietary product technologies as well as the design, manufacture and sales of proprietary products based on those technologies and corresponding IP assets. For more information, visit www.alliacense.com
.About Patriot Scientific Corporation
Patriot Scientific (OTCBB: PTSC) is a leading intellectual property licensing company that develops, markets, and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices, and industrial controllers. Headquartered in Carlsbad, Calif., information about the company can be found at www.ptsc.com